Bitcoin plummets well below $9000 USD with no sign of reversing the downtrend anytime soon
The move has caused a domino effect as per usual, sparking a market-wide bloodbath across the board.
A number of factors are said to be the cause. A mix of government crackdowns, court cases, and a price correction have all seemed to create the perfect storm for investors.
India’s government have announced they do not consider cryptocurrencies to be legal tender, claiming they will try to phase out payments using coins such as bitcoin as soon as possible. India’s finance minister Arun Jaitley vowed to ban cryptocurrency.
This news comes after the CFTC’s (Commodity Futures Trading Commission) subpoena to Tether and Bitfinex, which itself has generated fear within the community. Many believe that a court-ordered Tether halt will crash crypto markets. According to this narrative, Tether is being used to artificially prop up bitcoin prices. The domino effect of a fall in its prices is expected to bring everything down around it.
How much more bad press can crypto take?
Is it too late to sell? Should we be buying the dip? If history is anything to go by, the market may reward those brave enough to take advantage of the discount sale.
Time will tell!