Five Reasons Why Bitcoin (BTC) Plunged Below $20,000

has had a difficult week, suffering its worst performance since November. The price of the largest token fell by 2.1% on Friday, plunging below the $20,000 threshold for the first time since January. This came after an 8% on Thursday.

There are several reasons behind the sharp price drop. Firstly, New York Attorney General Letitia James sued cryptocurrency exchange KuCoin on Thursday for allegedly breaking the law by selling unregistered securities. This lawsuit has implications for the entire crypto market, as it could change the way regulators view cryptocurrencies such as Ether, which has traditionally been treated as a commodity. James is seeking to prohibit the cryptocurrency exchange from conducting any business activities in New York.

Secondly, President Biden's budget proposal includes a phased-in 30% tax on the electricity used in cryptocurrency mining. White House officials claim that the energy-intensive practice is hindering the transition to a low-emission energy future.

Thank You. Now my $50 DCA will receive more bitcoin. Hoping whale's sell more bitcoin.

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