Bitcoin fell below USD 30,000, pushing this week’s losses briefly to more than 17%. Amid continued profit-taking.
The market’s main cryptocurrency, Bitcoin, fell to USD 29,112 at 0:30 UTC on Thursday. A level reached on January 4 when the leading cryptocurrency began to rally strongly to an all-time high of just under USD 42,000 on January 8.
The latest purchase had an average cost of USD 31,808 per Bitcoin Future and comes on top of current purchases by asset manager, Grayscale. That defy the general selling action in recent weeks.
Fears and large BTC capital movements.
Now, the drop seen in prices yesterday when Bitcoin fell below USD 30,000 could be associated with several reasons. But it stands out in particular the rumors that ran in different social networks and media.
Regarding alleged vulnerabilities in the Bitcoin infrastructure. Which would derive in an apparent operation in which there was a double spending (mining of two simultaneous blocks).
However, these rumors were denied by important figures within this ecosystem. Standing out especially the professor of 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 majority support. Returning the grouped transactions to the corresponding pool to be included in the next block. As is usually the case whenever similar cases arise.
Bitcoin price breaks above USD 32,000 as MicroStrategy „buys the dip.“
Bitcoin (BTC) showed signs of a recovery on January 22 after falling below USD 30,000. Which produced new support for buyers.
MicroStrategy, well known for its steadily rising Bitcoin hoard, confirmed it had bought 314 BTC to bring its total reserve to 70,784 BTC.
Some Russian officials are required to sell their cryptocurrencies by April 2021
Some Russian public officials are required to declare their cryptocurrency holdings. While other officials are obliged to sell their cryptocurrencies by April 1, 2021, according to a new law.
Russia adopted its cryptocurrency-related law in January 2021, but this legislation does not provide a straightforward answer to some questions. Including how local officials should handle their cryptocurrency 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 requiring certain public officials to declare their cryptocurrency holdings by June 30, 2021.
According to the decree, Russian officials or persons aspiring to public office must disclose their digital assets. As well as those of their spouse and children.
The legislation refers to a general scope of the official establishment. Seeking to ensure that the government must comply with local financial disclosure rules as the country’s citizens already do.