Who dropped Bitcoin again?

The pressure on cryptocurrency is increasing every day and is negatively affecting its rate. Over the past 24 hours, the Bitcoin rate has dropped by 6.5% and currently stands at $8,450. The Ethereum rate has fallen by more than 9%, and this currency is trading around $515. The NEO token fell the most in price, falling by 12% and currently worth $65, reports CoinMarketCap.

There are three main factors that have caused the market to surge in recent days:

• Information has leaked to the press that Binance is ceasing operations in Japan. Despite the fact that CEO of the exchange Changpeng Zhao denied these rumors and reported that Binance was successfully cooperating with the Japanese regulator, this provoked a depreciation in the cryptocurrency market. And it doesn’t matter whether these messages were “unfair journalism”, an insider leak or an order from regulators - the situation developed as in the joke: “the spoons were found, but the sediment remained.”

• On March 21, it became known that the Snapchat messenger had joined Facebook, Twitter and Google, and banned advertising of digital currencies. It is noteworthy that the ban turns into a trend precisely at the moment when the American regulator increases pressure on the cryptocurrency market. And only the lazy cannot put two and two together by observing the process algorithm.

• The odious exile Edward Snowden added fuel to the fire by making a statement that the US National Security Agency has been spying on Bitcoin users since 2013. A former NSA agent released a list of documents confirming the fact that one of the agency's priorities is collecting information about clients' transactions and personal data to determine their location. This “Russian” Count of Monte Cristo always appears on stage at the right time with sensational statements that either religion or a rubber gag did not allow him to make before.

This state of affairs has significantly influenced not only the cost of cryptocurrencies, but also the mood of crypto enthusiasts and investors. And they, as usual, began to panic.

However, experts from Fundstrat Global Advisors conducted a thorough analysis of the cyclical nature of the situation and predict an increase in the price of cryptocurrency by the end of the summer of this year.