Bitcoin and Other Cryptocurrencies Experience Sharp Drop in Value Amid Regulatory Pressure

A week ago, Bitcoin was offered for CZK 631,030, but on Friday morning the exchange rate dropped to CZK 564,360. Although it rose to CZK 574,130 in the afternoon, it is still one of the lowest values ​​since mid-March. It follows from the data of the specialist CoinMarketCap server.

However, it should be noted that at the beginning of the year, the most famous cryptocurrency was traded at an even lower value, at 380,890 CZK. This year’s record was set in mid-April at CZK 651,860. Bitcoin had the highest ever exchange rate in November 2021, amounting to CZK 1,427,350.

At the same time, a roughly 10% drop in the value of Bitcoin is not at all unique in the world of cryptocurrencies. Other cryptocurrencies also lost at a double-digit rate, such as Pepe (54.36%), Floki (34.66%), PancakeSwap (28.81%), Conflux (22.60%) and Injective (21.79%).

Ethereum also recorded an almost ten percent drop. A week ago, the value was CZK 39,300, on Friday morning it was only CZK 37,620. At the beginning of this year, the exchange rate was CZK 27,010. At the top was the second most famous cryptocurrency the year before last in November, when it traded for CZK 104,970.

According to analysts, the main reason behind the falling rates is the growing pressure from the regulatory authorities in the United States. Agentura Bloomberg for example, she pointed out that Jane Street and Jump Crypto are pulling out of the market. At the same time, both companies were among the main drivers of the market when the world of cryptocurrencies was still in its infancy.