U.S. Cryptocurrency Regulation Measures Bitcoin Below 40,000 Dollars

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Cryptocurrency market conditions as of this time-Coin market cap capture

Bitcoin, which had surpassed $40,000 again, fell below $40,000 after a reversal of the decline due to a series of regulations by the US authorities.

As of 3:30 p.m. on the 21st (Korean time), Bitcoin is recording $39,770, up 0.82% from 24 hours ago on CoinMarketCap, a global cryptocurrency (virtual currency) price relay site.

Earlier, bitcoin surged more than 10% a few hours ago, surpassing $42,000, returning to the level before the recent plunge. That bitcoin fell below 40,000 dollars again.

This is interpreted because the US authorities have introduced regulatory measures one after another.

Jerome Powell, chairman of the Federal Reserve System (Fed), a central bank in the United States, said that cryptocurrency threatens financial stability, suggesting strengthening regulations, and to turn market attention to the’digital dollar’ recognized by the government (CBDC) It announced that it will begin discussions on the digital dollar.

The Ministry of Finance warned that cryptocurrency would be subject to taxation for being used for illegal activities such as tax evasion. The Ministry of Finance added that cryptocurrency transactions over $10,000 must be reported.

In addition to Bitcoin, other cryptocurrencies are also significantly reducing their rise. Ethereum, which soared more than 12% in the morning, reduced the increase to 4%, and Cardano (Ada), which soared 23%, reduced the increase to 6%.

Meanwhile, at the same time, upbit, a trading site in Korea, is trading bitcoin at 49125,000 won, down 4.21% from 24 hours ago.