Since Bitcoin hovers below USD 20,000 per digital coin, industry experts worries that the leading cryptocurrency may plummet to USD 10,000 soon.
Bitcoin has experienced its worst-ever days recently amid the economic collapse, with prices already down by nearly 70% from their record high of USD 68,000 in November of last year. As a result, a number of cryptocurrency exchanges and trading platforms have had to suspend operations, fire employees, and put a freeze on new hires. After EU lawmakers earlier this month agreed on anti-money laundering guidelines for cryptocurrencies, the price of Bitcoin and Ethereum further fell.
According to the latest Bloomberg "MLIV Pulse study," the price of Bitcoin is on its way back to USD 10,000. Kevin O'Leary of Shark Tank has also claimed that the price of bitcoin has not yet reached its low point. Experts predict that the price of bitcoin will drop to USD 10,000 before rising to USD 30,000 again.
The Singaporean government also intends to enact tougher controls, such as limitations on retail trading, to protect consumers from the crypto crisis.
In order to stop money laundering, terrorism financing, and other crimes, the European Union (EU) parliamentarians passed new legislation last month that makes it possible to track transactions of digital assets like Bitcoin in the same way as traditional money transfers.
As per statistics, breaches and exploits cost Blockchain projects related to Web3.0 more than USD 2 billion in the first half of this year. According to another research, the global cryptocurrency industry lost at least USD 670 million in the April–June quarter (Q2), with scams and hacks accounting for 97% of the losses.
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