Bitcoin, the largest cryptocurrency in terms of market capitalization, experienced a decline in its value over the past two days, falling below $28,000 on Thursday. According to CoinDesk market data, Bitcoin was trading at approximately $28,325, representing a 2.7% decline over the last 24 hours. TradingView data showed that the BTC/USD trading pair on Coinbase fell to $27,991 just before U.S. equity markets closed, but it later rebounded. Senior market analyst for foreign exchange market maker Oanda, Edward Moya, attributed Bitcoin’s recent decline to a statement made by Coinbase CEO Brian Armstrong regarding the exchange’s potential departure from the United States.
Moya noted that if Coinbase were to leave the U.S. market, many U.S. traders would likely follow, reducing the size of the global crypto market. Moya added that Bitcoin would struggle until regulatory clarity is achieved, and prices are expected to decrease. The second-largest cryptocurrency by market value, Ether, also experienced a decline, dropping almost a percentage point to trade at around $1,948. ETH fell to $1,917 at one point, representing its lowest level in a week. For the past seven days, both BTC and ETH have been down 7% and 3%, respectively. Most other major tokens were also trading in the red, with XRP and Litecoin (LTC) falling over 5%. The CoinDesk Market Index (CMI), which measures the overall performance of the crypto market, fell 3.9% on the day.
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