Baxia Markets
May 21, 2021

Are You Buying The Crypto Dip?

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Bitcoin loses its comeback gains again, amid stricter regulation discussion.


The price of ether and other cryptocurrencies bounced back to some degree on Thursday, following the sharp decline earlier this week that wiped out more than 1 trillion USD in the process. Bitcoin’s price is still volatile, as expected with its nature. But at the time this article was written, Bitcoin recovered more than 9% to $42,000 and later dipped back to around $39,000. 


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“Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” says the Treasury Department in the press release. With the Treasury’s proposal of requiring any transfer worth $10,000 or more to be reported to the Internal Revenue Service, Bitcoin, and other cryptocurrencies reversed course. In the previous session, Bitcoin was up by more than 9%, according to Coin Metrics. 


With the nature of cryptocurrencies being nothing but sheer speculation, it is to no one's surprise that it only reacted mildly amid the Treasury Department release. After all, this entire roller-coaster was sparked by a single tweet.


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