Will The Cryptocurrency Industry Survive The Crackdown From The US Government?

Italian Cryptocurrency Exchange, BitGrail shuts down almost immediately after it re-opened

Bitcoin faces opposition not from the bearish trend that has been swallowing almost every cryptocurrency, but from the US government. Bitcoin news today learned that the US government may be making moves to crack down on Bitcoin and all other cryptocurrencies in the market. This observation followed a tweet by senior analysts on the comments made by the Treasury Secretary on Monday. Treasury Secretary Steven Mnuchin expressed his worries and fears over the cryptocurrency market during a briefing at the white house. He labeled cryptocurrencies like Bitcoin a national threat and said cryptocurrencies could be used for illegal activities.

Cryptocurrency News Today – Bitcoin News Today – Bitcoin Price Prediction – Mati Greenspan Says Cryptocurrency Crack Down Is On The Way

Mati Greenspan, who is a senior marketing analyst at Etoro interpreted Steven Mnuchin’s comments as a signal that the US government were preparing to crackdown on Bitcoin and the cryptocurrency market. Greenspan analyzed that categorizing cryptocurrencies as national threats gave the president the powers that was above state and federal level. It also meant that the president wouldn’t be answerable to the state. Greenspan postulated that it would only spell trouble for the cryptocurrency market.

Bitcoin news today learned from Greenspan’s twitter comment, that the senior analyst believed that banning or trying to control the cryptocurrency market would yield nothing. He buttressed his point by showing how governments have failed to stop the growth of Bitcoin since its inception in 2009. Greenspan also commented that though the Treasury Secretary’s comments had been targeted at facebook Libra, he believed that the government would also attack Bitcoin and the cryptocurrency industry.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,188.32
-0.28%

Bitcoin currently trades at $9,548, a 10% loss from its former price value of above $10,000. Some analysts believe that this downward trend as a result of the consistent attack from the US government and the leaders of the government’s financial institution. These analysts gave a Bitcoin price prediction that favored a bearish trend. They believed that a further price correction was imminent and that the industry should get ready for it.

Bitcoin News Today – Bitcoin Latest Update – Cryptocurrency News Today – Bitcoin In A Race To Save Cryptocurrency Market

Bitcoin price prediction made by veteran trader Peter Brandt predicted that a price correction by Bitcoin would amount to 80% of the cryptocurrency market gains. Another analyst believed that the market trend had changed and that it would tend towards a bearish trend for a while. He admonished that this period would see bumps in the market. Bitcoin BTC support levels are at $9,200 and $9,000 while the resistance levels are at $9,650 and $9,800. The RSI stands at 40 while the MACD is expected to move towards the bullish zone. The market cap for Bitcoin BTC is $190 billion and the 24-hour volume trade is $22 billion.

While the government wishes to crack down on the cryptocurrency market, their main focus seems to be on facebook Libra and not on Bitcoin BTC. Researchers believe that a crackdown on the cryptocurrency market or Bitcoin would be extremely difficult. They cited countries like China and India that were unsuccessful in their attempts at quelling the rise of cryptocurrency in their countries. Analysts believe that the cryptocurrency industry is here to stay for good.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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