Bitcoin Crashes Below $28K on Coinbase – Brace for Impact!

Key Points:

  • Bitcoin drops below $28,000 as it continues its two-day slump.
  • BTC was recently trading at around $28,325, down 2.7% over the past 24 hours.
  • Edward Moya believes that Bitcoin will struggle until there is regulatory clarity which means that prices seem poised to drift lower.
Bitcoin has suffered a two-day slump. On Thursday, Bitcoin dropped below the $28,000 threshold, reaching around $28,325, down 2.7% over the past 24 hours.
Bitcoin Crashes Below 28K on Coinbase Brace for Impact

However, things got worse as the BTC/USD trading pair on the Coinbase exchange fell to $27,991 shortly before U.S. equity markets closed. The cryptocurrency later rebounded, according to TradingView data.

Coinbase, the crypto exchange giant, has indicated that it might leave the U.S. market, which is one of the reasons behind Bitcoin’s recent decline. The company has secured a license to operate in Bermuda as part of its global push. However, the company’s exit from the U.S. market could mean that a lot of U.S. traders will leave as well, as they might not feel confident trading on decentralized exchanges. This could lead to a significant shrink in the global crypto market.

Edward Moya, senior market analyst for foreign exchange market maker Oanda, stated in an email that Bitcoin will struggle until any regulatory clarity emerges. As a result, prices will likely drift lower.

Ether, the second-largest cryptocurrency by market value, has also experienced a significant drop recently. The cryptocurrency fell nearly a percentage point and changed hands at around $1,948. At one point, ETH reached its lowest perch in a week, dropping to $1,917. Both Bitcoin and ETH were down 7% and 3%, respectively, for the past seven days.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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