Bitcoin fell below $ 30,000, briefly pushing this week’s losses to more than 17%. In the midst of continuous profit taking.
The main cryptocurrency on the market, Bitcoin, fell to $ 29,112 at 0:30 UTC on Thursday. A level reached on January 4 when the leading cryptocurrency began to rebound strongly to an all-time high of just under $ 42,000 on January 8.
BTC fears and large capital movements
Now, the drop in prices seen yesterday when Bitcoin fell below $ 30,000 could be associated with several reasons. But he especially highlights the rumors that ran on different social networks and media.
Regarding alleged vulnerabilities in the Bitcoin infrastructure. Which would lead to an apparent operation in which there was double spending (mining of two simultaneous blocks).
However, these rumors were denied by important figures within this ecosystem. Especially highlighting the professor at the University of Nicosia and one of the most reputable speakers on Bitcoin, Andreas Antonopoulos.
Who explained that what happened is something perfectly normal and that the network immediately invalidated the block that did not have the majority support. Returning the grouped transactions to the corresponding pool to be included in a next block. As is usually the case whenever similar cases occur.
Bitcoin price tops $ 32,000 as MicroStrategy ‘buys the dip’
Bitcoin (BTC) showed signs of a recovery on January 22 after falling below $ 30,000. Which produced new support for buyers.
MicroStrategy, well known for its ever-increasing Bitcoin hoard, confirmed that it had bought 314 BTC to bring its total reserve to 70,784 BTC.
The last purchase had an average cost of $ 31,808 for each Bitcoin and is in addition to the current purchases of the asset manager, Grayscale. Defying the general selling action in recent weeks.
Some Russian officials are required to sell their cryptocurrencies before April 2021
Some Russian public officials have to declare their cryptocurrency holdings. While other officials are required to sell their cryptocurrencies by April 1, 2021, according to a new law.
Russia adopted its law related to cryptocurrencies in January 2021, but this legislation does not provide a direct answer to some questions. Including how local officials should manage their crypto holdings.
There are at least two other legal initiatives that require Russian public officials to declare or even completely divest their cryptocurrency holdings in 2021.
On December 10, 2020, Russian President Vladimir Putin signed a decree that requires some public officials to declare their cryptocurrency holdings before June 30, 2021.
The decree was adopted as part of the country’s law “On Digital Financial Assets”, or DFA for its acronym in English, on January 1, 2021.
According to the decree, Russian officials or persons seeking public office must disclose their digital assets. As well as those of your spouse and children.
The legislation refers to a general area of the official establishment. Trying to ensure that the government must comply with local financial reporting standards as the citizens of the country already do.