On Coinbase, Bitcoin Drops Below $28,000

The largest cryptocurrency by market capitalization, Bitcoin, fell below $28,000 at one point on Thursday as its two-day decline continued.

According to market data from CoinDesk, the price of Bitcoin (BTC) was recently around $28,325, a 2.7% decrease over the previous 24 hours. However, just before U.S. equities markets closed, the BTC/USD trading pair on the Coinbase exchange dropped to $27,991, according to TradingView data, but eventually recovered.

In an email, senior market analyst Edward Moya of foreign exchange market maker Oanda pointed out that bitcoin's recent dip occurred after Coinbase CEO Brian Armstrong said that the major cryptocurrency exchange would depart the United States.

According to Moya, "Coinbase was able to secure a license to operate in Bermuda, in what is being considered a part of their global push. If Coinbase leaves the U.S. market, a lot of U.S. traders will be gone because they probably won't feel confident trading on decentralized exchanges, which means the global crypto market will shrink significantly."

In his words, "Bitcoin will struggle here until we have any regulatory clarity which means prices seem poised to drift lower."

By market value, Ether (ETH), the second-largest cryptocurrency, has decreased by over a percentage point to trade at roughly $1,948. At one point, ETH hit its lowest level in a week of $1,917.

Over the previous seven days, BTC and ETH have fallen 7% and 3%, respectively.

The majority of other significant tokens were trading in the negative, with the payment-focused cryptocurrencies XRP and Litecoin (LTC) lately falling more than 5%. The overall performance of the cryptocurrency market as measured by the CoinDesk Market Index (CMI) was down 3.9% for the day.

By fLEXI tEAM