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Lillian McKenna

Bitcoin crash


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The crash by Bitcoin earlier today can be attributed to comments by US Treasury Secretary Steven Mnuchin that the US government was about to unveil a new set of regulations targeting cryptocurrencies and other digital assets. Mnuchin explained that the new measures would ensure that cryptos are not used like the former Swiss secret number bank accounts.

Bitcoin's crash was also related to its failure to convincingly break about the crucial $10,500 level, which triggered a bout of selling and contributed to its drop. Most investors are watching to see if Bitcoin can cross this key resistance level, which could lead to a much bigger rally.

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