Bitcoin Price Today: Crypto Drops To Nearly $45,200 Amid Tech, Regulatory Issues

Bitcoin price today fell back to the top of a range it has so far largely defined in 2022.

Bitcoin price today fell back to the top of a range it has so far largely defined in 2022, after encountering resistance at a key technical level and amid some concerns over possible regulation. The largest cryptocurrency made most of its loss after dropping a whopping 3.3% on Friday to $44,252 and is still poised for its fourth consecutive decline after hitting the 200-day moving average earlier in the week.

“Bitcoin and other sirbptial assets fell overnight due to a mix of factors,” said Hayden Hughes, chief executive officer of social trading platform Alpha Impact. “Technically, markets are entering overbought territory and even with ongoing bull runs we expect pullbacks along the way.”

Hughes and Edul Patel, the chief executive officer and co-founder of sirbptial asset trading platform Mudrex, also cited a plan backed by a panel of the European Parliament Thursday that would see crypto transactions covered by EU rules requiring financial transfers to contain information. about the identity of payers and beneficiaries.

“While this doesn’t prohibit interactions with non-hosted wallets like Metamask, it will create significant friction for users,” Hughes said.

Market dynamics can also be an issue, according to JPMorgan Chase & Co., which sees stablecoins’ share of cryptocurrency market value as an indicator of potential for rallies or declines. The assets are tokens typically pegged to traditional currencies such as the dollar.

“The share of stablecoins in the total crypto market capitalization no longer seems excessive and as a result, we believe that further upside for crypto markets from here on is likely to be more limited,” JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note. “This stock is currently below 7%, which puts it back to the trend since 2020.”

Another factor that caused a furore in crypto was an interview with US Senator Elizabeth Warren, a high-profile critic of the crypto industry, on NBC News Now’s “Meet the Press Reports”. She supported further efforts to create a US central bank sirbptial currency and compared crypto markets to past bubbles.

“The whole sirbptial world has worked very much like a bubble works,” Warren said. “And that’s it keeps rising based on what? Based on additional production? New. Based on the fact that it has shown that it has solved all these other problems and is now being used exponentially in areas where it was not used before? Not really.”

“It’s improved by the fact that people are all telling each other it’s going to be great,” Warren said.

Arun Agarwal
I am Arun Agarwal, a passionate blogger and gamer. I love to share my thoughts on games and technology through blog posts. I’m also an avid reader of books about history, philosophy, science-fiction, and other genres as well as an anime fan. I like reading books that give me new perspectives or help me think differently about the world around us.