- On January 12, Bitcoin experienced a significant drop, falling below $44,000 and reaching $43,840.
- This drop coincided with comments made by Gary Gensler, the head of the US Securities and Exchange Commission (SEC), who referred to Bitcoin as a highly speculative and unreliable asset.
According to TradingView, on January 12, 2024, the price of Bitcoin fell below $44,000. This decline occurred after comments made by Gary Gensler, the head of the SEC, regarding the speculative nature of Bitcoin. Gensler’s remarks have raised concerns about the reliability of this cryptocurrency.
Currently, Bitcoin is trading just below the $44,000 level. It remains to be seen whether the cryptocurrency can stabilize at this price point.
Prior to this drop, on January 11, 2024, Bitcoin surpassed the $48,500 mark. This increase was driven by the launch of spot ETFs based on Bitcoin.
One potential factor contributing to the recent downturn is the critical statement made by SEC head Gary Gensler. his concerns about Bitcoin include its high level of speculation, volatility, and its potential involvement in money laundering and ransomware activities.
In televised comments, Gensler expressed caution about the approval of spot Bitcoin ETFs, indicating that it does not signify acceptance of Bitcoin itself by the SEC. He stressed that the underlying asset of these products is highly speculative and unreliable.