Since late December of 2020, the overall cryptocurrency industry had been demonstrating a bullish run. The industry had experienced all-time highs since the beginning of 2021 and the demand/user base for the industry flourished.
The industry has gained so much success that its market capitalization managed to hit the $1 trillion mark and then the $2 trillion marks within four months.
While the overall cryptocurrency industry continued growing, the regulator authorities from different countries have tried to warn their locals. At present, some of the major countries are UK, USA, India, Japan, South Korea, Nigeria, and many more that have issued warnings around cryptocurrencies.
The regulators from all these countries have asked their locals to remain extra careful and vigilant when investing in cryptocurrencies. Whenever warning locals about the risks involved in digital assets, the regulators have mentioned Bitcoin (BTC) separately from altcoins.
This means that no matter the market situation, the investors are more interested in Bitcoin (BTC) than any other cryptocurrency. The current situation of the overall cryptocurrency industry is that it has been facing a constant price drop for the last 3 weeks.
Ever since the downfall, the market capitalization of the entire cryptocurrency industry has experienced a drop of around $800 billion, bringing it down to around $1.6 trillion.
Out of all the cryptocurrencies, Bitcoin (BTC) has experienced the worst price drop. Since April of 2021, its price had been struggling to make it back to all-time highs, which it has not been able to achieve.
After hitting an all-time high of $64.5k per BTC, its price experienced a drop coming down to between $54.5k and $58.5k. However, as the entire cryptocurrency industry started experiencing a drop, its prices dropped all the way down to $34k per BTC.
Although Bitcoin (BTC) is now hovering between $36k and $39k per BTC figure, yet analysts are predicting its prices are to experience yet another drop. This time, the price drop would be somewhere around $26k per BTC.
Despite the price drop, many financial institutions such as JPMorgan still have very high sentiments about Bitcoin (BTC). These analysts are predicting that Bitcoin’s (BTC) price would experience a surge and would hit the $146k per BTC mark by the end of the year.
However, the regulators are ignoring the latter part and just sticking to the initial predictions of a price drop for Bitcoin (BTC).
This time, the latest regulator is from Ireland whose director-general has intimated the entire cryptocurrency and Bitcoin community in the country to stay vigilant when dealing with cryptocurrencies.
While talking about cryptocurrencies, the regulator has referred to the recent sell-off for the entire Bitcoin (BTC) market as well as the cryptocurrency market.
Derville Rowland, the director-general at the Central Bank of Ireland has stated that the current Bitcoin (BTC) market is of great concern. Investors must not invest in the digital asset as it is constantly falling apart and its prices are also experiencing a downward trend.