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Bitcoin fell below $28,000 at one point on Thursday as the largest cryptocurrency by market capitalization continued its two-day slide.
Bitcoin (BTC) was recently trading at around $28,325, down 2.7% in the past 24 hours, according to CoinDesk market data. But the BTC/USD trading pair on the Coinbase exchange fell to $27,991 shortly before US stock markets closed, but then rebounded, according to data from TradingView.
Edward Moya, senior market analyst for forex market maker Oanda, noted in an email that bitcoin’s recent decline came after Coinbase CEO Brian Armstrong indicated that the exchange giant of crypto could leave the United States.
“Coinbase was able to obtain a license to operate in Bermuda, in what is considered part of their global push,” Moya wrote. “If Coinbase leaves the US market, many US traders will be gone as they likely won’t feel confident trading on decentralized exchanges, which means the global crypto market will shrink significantly.”
He added, “Bitcoin will struggle here until we have regulatory clarity, which means prices look set to come down.”
Ether (ETH), the second-largest cryptocurrency by market value, recently lost almost a percentage point to change hands at around $1,948. ETH fell to $1,917 at one point, its lowest level in a week.
BTC and ETH are down 7% and 3% respectively in the past seven days.
Most other major tokens were trading in the red, with both the payout-focused cryptocurrency XRP and Litecoin (LTC) down more than 5%. The CoinDesk Market Index (CMI), which measures the overall performance of the crypto market, was down 3.9% for the day.
Stock markets also fell, amid a series of disappointing first-quarter results, including automaker Tesla, whose earnings were slightly below consensus estimates, and Blackstone, the world’s largest alternative asset manager. world. The S&P 500 and Nasdaq Composite fell 0.6% and 0.8% respectively for the day. The Dow Jones Industrial Average (DJIA) fell 0.3%.
UPDATE (April 20, 2023, 23:05 UTC): Adds commentary from Edward Spirit.
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