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Bitcoin Falls as Mnuchin [Reportedly] Plans to Regulate Private Wallets

Bitcoin Falls as Mnuchin [Reportedly] Plans to Regulate Private Wallets

Mainframe AI

Bitcoin Falls as Mnuchin [Reportedly] Plans to Regulate Private Wallets

But the rumored regulation appears to limit many of those features. Mr. Armstrong noted that — if Mr. Mnuchin moves the legislation — they would have to conduct identity verification on each user that downloads its software wallet. This could potentially put their financial privacy at risk.
The flagship cryptocurrency hit an intraday low of $17,150 in ancient Asian hours Mondaydown more than 12 percent from its year-to-date summit of $19,500 established a day before. The plunge further accompanied lower volumes and a toned-down momentum oscillator, suggesting that the market was merely cooling down after rallying relentlessly for seven weeks in a row.
In a Twitter-thread, the chief executive said that his company”heard rumors” about the US Treasury Secretary Steven Mnuchin’s plans to introduce fresh rules for”self-custody wallets” at the end of his term.
Meanwhile, some traders expected the cost to continue further lower until it finds a service level to try a rebound towards $20K.

“All Exchanges Inflow Mean increased a couple of hours ago,” said Ki-Young Ju, the CEO of data analytics platform CryptoQuant. “It indicates that whales, comparatively speaking, deposited BTC to exchanges. But long-term on-chain indicators say the buying pressure prevails. I think we could break 20k in a day or two.”
Regardless of the growing uncertainty from the US Treasury, Bitcoin posted an attractive rally upon hitting $17,150.

Published at Thu, 26 Nov 2020 06:14:02 +0000

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin prices crashed by nearly $1,000 on Thanksgiving eve, logging their worst declines in three weeks as traders grappled with overbought conditions and rumors of tighter regulations.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
The open character of cryptocurrencies allows anyone to create a personal wallet by downloading third-party software on their computers/smartphones or via hardware devices that store digital assets. These kinds of self-custodial solutions come cheaper than traditional financial services — and they ensure privacy.

Many crypto users are sending crypto to different merchants online, paying for goods and services. Does this make sense to require customers to help confirm the identity of a business before they can buy a product there?

Nevertheless, the Bitcoin market’s sell-off accelerated, particularly after Coinbase-fame Brian Armstrong cautioned about tighter crypto regulations in the US.

BTC/USD recovered about 4% of its losses immediately after the plunge, leaving behind a long wick famous for predicting the fake breakout moves outside. It means that dealers are still short-term bullish on Bitcoin, presuming that the cryptocurrency would keep on rallying up towards supportive macroeconomic settings.
Bitcoin forms a large bearish wick in signs of a bullish rejection.


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