Now the price has consolidated around $30 thousand, but the prerequisites for further decline in Bitcoin remain:China criticizes cryptocurrencies, Senator Elizabeth Warren issues an ultimatum to the SEC, and the Grayscale fund could sell Bitcoin for $ 0.5 billion.
Image Source: Cryptocurrency ExchangeStormGain
July 08 Deputy Governor of Halyk BankFan Yifei of China called stablecoins dangerous for the global financial system. This is especially true for coins issued by commercial organizations such as Tether. The announcement came a week and a half after Boston Federal Bank President Eric Rosengren described Tether as a "challenge to financial stability."
Stablecoins are the link betweenfiat and cryptocurrencies, and most cryptocurrency exchanges use Tether as their base currency. Representatives of the largest financial systems were not impressed by the fact that Tether is backed by consolidated assets that exceed its capitalization, and the New York Attorney General's Office was satisfied with the results of an external audit.
July 07 Elizabeth Warren wrote a letterSEC Chairman Gary Gensler, in which he demands, before July 28, to designate the powers of the regulator in the field of protecting the interests of cryptoinvestors: "investors remained at the mercy of manipulators and fraudsters due to the lack of rules." According to the senator, the cumulative losses from crypto scams in the period from October to March amounted to $ 80 million. paid attention to high-risk trading.
In addition to regulatory complications, July maythe supply of Bitcoin will increase significantly. A number of institutional investors opted for shares of the Grayscal crypto fund (GBTC) instead of buying cryptocurrency. The market was hot in December, and investors were buying securities at a 40% premium. The shares are now trading at a discount, and institutionalists have switched to the Canadian Bitcoin ETF, which was approved in February.
Image Source:skew.com
GBTC has one feature - you cannotget rid of within six months. This month they unblock the $ 530 million positions opened in December last year. The current price is just above the close of December, which may push investors to exit.
Thus, the environment for Bitcoin is becoming lessfriendly: regulation will be tightened, and some investors may abandon their claims. The combination of negative factors can lower the cryptocurrency below $ 30 thousand.
Analytical group StormGain
