Baxia Markets
June 09, 2021

Bitcoin tumbles 10%; downward trend continues

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Upon receiving the news that the US authorities clawed back most of Colonial Pipeline’s crypto ransom, the Bitcoin price saw a big tumble down to $31000 level. The crash may continue as security concerns emerge for cryptocurrencies.



The US task force recently recovered 63.7 bitcoin, worth $2.3 million, from the Colonial Pipeline’s ransomware attack. While the operation was considered “a huge win” for the government by many, 9 out of the ten biggest cryptocurrencies were down on Tuesday morning following the news, with the only exception being a stable coin pegged to the US dollar. The selloff wiped out roughly $200 billion in market cap from the cryptosystem in a day.




While the exact method used by the task force is unannounced and similar successes are not guaranteed, the fact that the government has successfully frozen a bitcoin wallet still raised some concern about Bitcoin’s security. As a result, some speculated an even steeper fall for Bitcoin in the coming weeks, causing the crypto market to go down on the roller-coaster ride again. 


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