CoinDCX - Comment on Bitcoin Price Movement
- 19.04.2021 12:17 pm
Sumit Gupta, Co-founder & CEO, CoinDCX
The plunge in the world’s biggest cryptocurrency comes after some unsubstantiated rumours that US Treasury may crackdown against money laundering taking place through digital assets, however we believe this is a temporary phase and prices will recover soon as the Treasury has already refuted the rumours. Another probable reason could also be the massive power outage in China’s Xinjiang region, which is one of the largest mining pools which may have prompted the sell-off. However what needs to be noticed is that despite the sudden sell-off Bitcoin has still accounted for a trading volume of $101.27Bn in the past 24 hours with the market cap still above $1.06 Tn which clearly showcases investor confidence and Bitcoin’s mainstream acceptance as an asset class.