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Bitcoin Sheds $1,000 In One Hour As Regulators Issue Negative Warnings on Crypto

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Mon, 09/06/2021 - 13:09
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Yuri Molchan
Bitcoin has dropped from $52,200 to the $51,100 zone, losing almost 2.50%, but is now recovering
Bitcoin Sheds $1,000 In One Hour As Regulators Issue Negative Warnings on Crypto
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Earlier today, the flagship cryptocurrency managed to reach above the $52,000 level but then reversed and went down to $51,000, losing 2.44% and around $1,000 in a single hour.

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Image via TradingView

Prior to this, the media published warnings of U.K. and U.S. regulators who were negative toward crypto assets and crypto-related businesses.

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The chairman of the U.K.'s FCA, Charles Randell, announced that in order to prevent possible harm to investors from the promotion of volatile crypto assets, the regulator will not grant a license to companies that are unable to explain the basics of their work, e.g., who is responsible for the key functions of the business.

Also, the media has reported that the U.S. SEC issued a warning against cryptocurrency scams that are targeted at retail investors. These scams are becoming more popular and push retail investors into "devastating losses." However, this scam alert was published on Sept. 1.

At press time, Bitcoin has recovered to $51,400 on the Kraken exchange.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.