Bitcoin and Ethereum correct as Bitzlato take down, tech layoffs and economic worries dominate headlines
U.S. regulators’ announcement of enforcement action against Bitzlato, a softening stock market and a fresh wave of layoffs in big tech companies resulted in an abrupt correction in the crypto market. Bitcoin (BTC) price and the wider crypto market corrected as news of coordinated “international cryptocurrency enforcement action” stirred up uncertainty among traders. Given the number of black swan events and the proliferation of crypto-oriented scams in 2022, most investors expect United States and global regulators to eventually lay down a strong hammer on centalized exchanges and other businesses connected with the crypto sector. Crypto market daily price action. Source: Coin360 At the time of writing, BTC price had dipped to an intraday low at $20,400, and Ether (ETH) gave back its daily gains to trade as low as $1,500. As shown by the charts below, the revelation that Bitzlato had been shuttered and its founder arrested was a lighter blow than expected by the market and the daily ...