Bitcoin Price Drops $1,000 Before Recovering in Sharpest Sell-Off in 3 Weeks
Bitcoin fell more than $1000 dollars before rebounding, in the leading cryptocurrency’s sharpest decline in almost three weeks. While the reason for the drop isn’t entirely clear, the sell-off move comes at a time when Coinbase’s CEO Brian Armstrong voiced his concerns on Wednesday night over the U.S. Treasury Department’s rumored plans to attempt to track owners of self-hosted cryptocurrency wallets.
“The latest BTC price drop is the first of many tests for new money on whether they have the vision and stomach to truly invest in BTC and the future of digital finance, or if they’ll simply repeat 2018 and wash out of the market,” said Jehan Chu, co-founder and managing partner at Hong Kong-based blockchain investment and trading firm Kenetic. Other long-term on-chain indicators like BTC and stablecoin reserve say the potential buying pressure still prevails so far
Most other notable cryptocurrencies also fell with Chainlink (LINK) and Cardano (ADA) suffering the worst drops across the board, losing 18.9% and 16.7%.
