It seems that selling pressure on Bitcoin has been driving it lower. Today it dipped below $32,000 before recovering. The price of bitcoin is still up more than 200% since September, the product of a dramatic bull rally sparked in part by hedge fund managers, banks and other companies appearing to embrace cryptocurrency. Now that Elon Musk has abandoned Bitcoin it seems that many others are rethinking the real costs.
Bitcoin has been the Ransomware payoff of choice. The reason is that it is not regulated like cash and other assets. Firms in Asia such as BitMEX allowing 100-to-1 leverage for cryptocurrency trades. Robinhood does not allow traders to use margin for cryptocurrency, and Coinbase only allows it for professional traders. This is the main driver for the wild moves in the price of bitcoins.
Bitcoin etc are also the worst environmental idea to ever trash the world. The amount of energy wasted is prodigious. Chia is also wasteful with storage hardware,
Faruk Fatih Özer still has a warrant out for him with Interpol after evading authorities. He was operating an exchange when he ran off with a sizeable amount of bitcoins and other crypto assets. Özer was last seen entering Albania and its suspected that he is hiding there. In reaction, Turkey is now keeping the crypto industry under a microscope under fears of money laundering and organized crime. Many Turks ran to crypto s the inflation as been a serious problem in the country as the government depending is out of control.
The crystal ball is a bit foggy but there are definitely some headwinds for Bitcoin which look like they may become insurmountable. The timetable is not clear but the outlook is.