Crypto loses steam: Why is bitcoin trading below US$60K?

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Crypto loses steam: Why is bitcoin trading below US$60K?

bitcoin price aud, bitcoin aud, bitcoin news, bitcoin price, bitcoin price usd,  Bitcoin falls below US$60k, Crypto winter looms
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Highlights

  • Bitcoin has been losing power over the past few weeks, and is currently hovering around US$60k.
  • The Bitcoin price drop also attracts panic sellers, who are usually novice when it comes to crypto.
  • Investors are concerned about the odd incidents that may affect the crypto market

If you enter the crypto realm, you may feel a winter chill, as investments in Bitcoin turn red.  The panic is evident as traders recall disastrous implications of the previous crypto bear market of 2017. Bitcoin took nearly three years to recover from that colossal drop.

Over the past few weeks, Bitcoin has been losing steam; the world's most trusted crypto is currently trading at US$59,775.31.

Here, we look at four unprecedented occurrences that are making headlines, in tandem with Bitcoin's bearish performance.

Related Article: Keen on crypto? Here are some top cryptocurrency trading apps

What may have affected Bitcoin's growth? 

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Fear of Satoshi Nakamoto's identity being revealed

The countdown is on.... Anytime, the mask is set to get lifted off the face of the crypto world's most mysterious figure.

Satoshi Nakamoto is the crypto community's mysterious father/mother figure and has been ruling crypto world for a decade now.

 The crypto realm is well-known for retaining anonymity, which is one of its key strengths. Once, the identity is out, everything may not remain the same in the future, and crypto aficionados are worried over the same.

The Miami federal court trial might potentially expose the true identity of Bitcoin's pseudonymous founder. The case was brought to court over a conflict involving around US$64 billion in cryptocurrency.

Young cryptos' dominance

Investors love fledgling cryptos like Shiba Inu and Dogecoin, with community being their strongest strength.  To beat these young cryptos, Bitcoin has had a modern makeover. Its recent upgrade to Taproot aims at improving scalability, security, privacy, and smart contract capability, making Bitcoin blockchain a fair competitor in the current market.

However, Bitcoin's Taproot upgrade has apparently failed to create any magic. As numbers show, the cryoto king is currently hovering below the US$60K mark.

China's crackdown on cryptocurrency

China has said no to crypto mining, claiming that it could jeopardise the country's environmental aims. Swearing to eradicate the use of digital currencies like Bitcoin from its soil, China has ruled all crypto transactions as unlawful, which came as a huge setback for crypto aficionados.

Indonesia's religious opposition to cryptocurrency

Following China, Indonesia has meted out another severe blow to the crypto industry. On religious grounds, the country's authorities have urged Muslims to stop using cryptocurrency. According to religious leaders, cryptos such as Bitcoin involve elements of harm, wagering, and uncertainty and are hence not halal.

One could never have imagined that the crypto world could face the repercussions of religious resistance. However, the latest development in Indonesia has left crypto investors in dismay.

Related Article: Crypto obsession: Would you like to get paid in Bitcoin?

Outlook

Bitcoin, the world's oldest cryptocurrency, has hit a snag. The above-mentioned unanticipated incidents have shown that the road to being a mainstream currency is still not near for bitcoin or any other crypto coin.

Moreover, bitcoin’s sinking price is also creating a panic among investors who are either new in the crypto investing world or are too shaken from the 2017 crypto market’s bearish performance.

However, there is lot of noise in the crypto space with frequent new innovations. Hence, investors should keep their eyes peeled out for all the developments before making a big decision on crypto.

Related Article: Race to crypto throne: Which currency will dethrone Bitcoin?

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