Bitcoin’s Tumble and Biden’s shift to cryptocurrencies

Joe Biden

Bitcoin retreated to a three-week low, with its price falling below $30,000 on Thursday, as the popular cryptocurrency, which quadrupled its value in 2020, continues its tumble that has begun with the advent of 2021

Yesterday, it fell 17% to $29,246.77, wiping out nearly $100 billion. market, according to CoinDesk data. It was found to be losing more than 30% from its historic high of $41,940 earlier this month. Today it regained the level of $30,000.

BitMEX’s Research

The new blow to Bitcoin came amid a BitMEX Research published on Twitter, which added to voices talking about an impending major correction after the rampant rally of the past several weeks.

Critics of cryptocurrencies speak of an “inefficient and immature market”, stressing that those who have invested massively in this recent period are slowly realizing “that it is time to sell”.

At the same time Ethereum, second in total value after Bitcoin, retreated even further, losing 22% to $1,053.80 and found itself 27% below the highs it achieved this week.

Bitcoin is up by 300% in the last 12 months and ethereum by 700%, while in general the market has emerged in a crazy rally, especially after the wave of investments by institutional and payment companies and all this is turning attention once again to the regulation of cryptocurrencies.

Gary Gensler

The question is how the new Biden administration will handle this market. Both he and Vice President Kamala Harris have not opened their cards.

However, the new chairman has chosen Gary Gensler, ex-chairman of the Futures Trading Commission and a former Goldman Sachs banker, who was teaching about cryptocurrencies at the Massachusetts Institute of Technology (MIT) from 2018.

Gensler was also one of the eavesdropping members of the Obama administration’s financial regulators and the chief economic adviser to Hillary Clinton’s 2016 campaign.

The 60-year-old Genlcher recently joined MIT’s teaching staff, writing and teaching about the potential he sees in blockchain technologies as a factor in changing finances.

As for what he thinks of cryptocurrencies? In 2018, when he joined a committee and was questioned by former Minnesota representative Colin Peterson about hiding behind digital coins reminiscent of “Ponzi schemes,” he replied, “nothing is hidden behind the gold either… bitcoin is a form of modern gold”…


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