3 reasons why Bitcoin’s drop to $21K and the market-wide sell-off could be worse than you think
Cointelegraph
Published Aug 19, 2022 06:01PM ET
Updated Aug 19, 2022 07:40PM ET
On Friday, August 19, the total crypto market capitalization dropped by 9.1%, but more importantly, the all-important $1 trillion psychological support was tapped. The market's latest venture below this just three weeks ago, meaning investors were pretty confident that the $780 billion total market-cap low on June 18 was a mere distant memory.
Regulatory uncertainty increased on Aug. 17 after the United States House Committee on Energy and Commerce announced that they were "deeply concerned" that proof-of-work mining could increase demand for fossil fuels. As a result, U.S. lawmakers requested the crypto mining companies to provide information on energy consumption and average costs.
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Written By: Cointelegraph
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