Bitcoin's price drop today is due to a number of overlapping reasons. First, there are a growing number of warnings from regulators around the world, including statements from US Treasury Secretary Janet Yellen, who criticized cryptocurrencies and cited the need for a new system. more efficient digital payment system.
Second, increased government oversight and regulation of digital currencies, especially after reports that further legislation could be forthcoming, has led to uncertainty over market.
Third, global economic conditions and fluctuations in financial markets have placed increasing pressure on cryptocurrencies. Among these factors are the Evergrande debt crisis in China and massive liquidations in financial derivatives, which led to a rapid decline in Bitcoin prices.
Overall, these intertwined factors have caused Bitcoin to decline significantly in recent days.
