Bitcoin saw its losses deepen on Friday, falling below $20,000 for the first time since January, as investors are worried about contagion spreading from Silicon Valley Bank, which was shut down by regulators and taken over by the Federal Deposit Insurance Corp., days after the crypto-friendly Silvergate Bank said it would wind down operations.
The largest cryptocurrency BTCUSD plummeted 7.5% on Friday to as low as $17,580 Friday, according to CoinDesk data. Ether ETHUSD tumbled 8% to around $1,401. “There is just little reason to buy bitcoin now as the market is saturated with negative developments, not just specifically for the crypto industry, but also for the wider financial market as well,” Yuya Hasegawa, crypto market analyst at Bitbank, wrote in a Friday note.
In addition, the New York State Attorney General Letitia James on Thursday filed a lawsuit against crypto exchange KuCoin for failing to register as a securities and commodities broker-dealer. James also claimed that ether is a security in the lawsuit, the first time a regulator doing so in court.
Crypto fraud? See: BingX
Because it's not accepted by the mainstream financial institutions !!!!!
Bitcoin seems to be taking the rap for the real crypto frauds. Most of the large investment companies that have Bitcoin investors have been lobbying the government to enact legislation to regulate cryptocurrency towards legitimizing it.
Because Bitcoin is a fraud like all crypto.