It is notably unusual for the crypto market to take a sharp retracement in its price trajectory without at least one underlying cause. For the current market bear turn, the caution generated by theof Aaron Kaplan, the CEO of regulated crypto firm Prometheum, might be before the U.S. House committee as it concerns crypto regulations.
With industry insiders calling out Kaplan, the market chose to echo the worry. Additionally, the depegging concerns of the Tether stablecoin are also growing by a mile. Bitcoin is particularly embroiled in the Fear, Uncertainty and Doubt surrounding Tether as there is a likelihood that the parent firm may sell off its Bitcoin holdings to help the stablecoin regain its peg.
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