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US Treasury harsh measures cost Bitcoin 15% of its value

US Treasury Measures

Bitcoin lost 15% of its value on Sunday morning after the US Treasury Department said it will take measures against financial institutions for money laundering carried out through digital assets.

The big drop in Bitcoin came after a report by the US Treasury saying that it would take strict measures against money laundering in cryptocurrencies.

The price of Bitcoin fell to $51,000 on Sunday morning, before rebounding and rising to $55,000.

US Treasury measures

Last week, Bitcoin’s value reached $64,895, a new high record, with the support of the first trading on the cryptocurrency platform Coinbase on Nasdaq.

The market value of digital currencies in the world reached an unprecedented record last week, supported by Bitcoin’s the strong performance, which reached a market value of one trillion dollars, before decreased below that.

Bitcoin represents more than half of the total market value of digital currencies. The number of digital currencies increased to more than 4,400 currencies. The year 2021 witnessed a 100% increase in the value of Bitcoin to record the best performance of the history of digital currencies.

Major companies have expressed their acceptance of or invested in cryptocurrencies, including BNY Mellon, MasterCard and Tesla.

Tesla is the first company in the world to announce its investment in digital currency, which was a sufficient reason to push this currency to achieve unprecedented gains.

Tesla, electric car maker, was the first car manufacturer to accept payment for its products through Bitcoin, which positively affected the currency and its dealers.

Since the beginning of the year, Bitcoin has recorded large profits compared to last year, along with the increase in the value of a number of other cryptocurrencies, including Ethereum and dogecoin, which witnessed significant price rises in recent months, approaching their highest levels ever.

According to experts, the decrease in foreign exchange reserves is causing the supply to decrease, as more investors transfer the currency to their own portfolios.

Earlier, results of a survey conducted by Bank of America of its investor clients whose assets exceeded half a trillion dollars showed that momentum on Bitcoin trading during the coming period may continue after the buying fever that afflicted investors last year.

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