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This downside action appears to have started last week, with speculation that it may have been caused by drama surrounding the Bitcoin Cash fork. Although this weeks price action could be the impact of negative news piling up over the past several days. Crypto influencer Tone Vays mentions the influx of recent negative news in his video today. It would make sense that this news is at least playing a part in recent Bitcoin price action.
Vays mentions many aspects in his recent video. Among them are several recent negative news events that have hit the market. Said statement detailed further regulation for the crypto space, as well as two ICOs that face penalties. According to a report by Bloomberg, the U. Department of Justice DOJ is looking into whether Tether was used to manipulate the last crypto bull run.
News also hit today that the much-anticipated Bakkt platform will postpone its launch date until January 24, , according to their press release on Medium. The Bakkt platform was originally planned to launch on December 12, It is difficult to know to what extent events are driving price, or to what extent price is being associated with events.
In his video, Vays alludes to the fact that people sometimes associate certain events with price action, whether or not those events actually caused said price action. If people see these recent SEC regulations as only the beginning of what is coming — that may cause fear of further price drops, and subsequent crypto asset selling.
People may also still be afraid of Tether insolvency. Writing about price levels is purely speculation, subject to speculatory bias. Nothing written is any kind of advice whatsoever. As part of our arrangement, we may occasionally link to them and quote them when appropriate. The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.
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