Bitcoin Slips As Rumors Spread

Bitcoin (BTC) Slips Below $23,000 As Crypto Regulation Rumors Spread

Image credit - Getty Images

Bitcoin fell to a four-week low, dropping below its $23,000 price range to as low as $22,408.

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The dip in Bitcoin's price is due to rumors of ongoing crypto regulation in the industry.

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The U.S. financial regulator is investigating crypto exchange Kraken for potentially breaking security rules.

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The investigation is at an advanced stage and could result in a settlement soon.

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Brian Armstrong, CEO of Coinbase, voiced concerns about rumors of the SEC wanting to get rid of crypto staking for retail customers.

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Armstrong emphasized the importance of staking in the industry, citing its positive impact on scalability, security, and carbon footprints.

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Bitcoin is susceptible to changes in the industry and recently experienced a bearish movement.

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In January, Bitcoin's price surged nearly 40% and reached above the $20,000 mark.

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After falling below the $23,000 region, Bitcoin has lost a few billion from its market cap.

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Bitcoin still holds its position as the largest crypto by market cap ....

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...with 41.21% global dominance, followed by Ethereum at 18.83%.

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