The Yellen effect did not take long to be felt. The U.S. Treasury Secretary told regulators on Monday that the U.S. government must act swiftly to establish a regulatory framework for stablecoin, a rapidly growing class of digital currencies. The threat of new rules could only provoke a negative reaction among investors.
Bitcoin fell below 30 thousand dollars, to its lowest since June 22, losing 5% and then regaining something and approaching 30 thousand dollars (the weekly loss is around 8%). Even the smallest cryptocurrencies, such as ethereum, which tend to move in tandem with bitcoin, have lost up to 5% (10% the weekly figure). Now bitcoin could test the $ 28,600 level it hit last month, the lowest since the beginning of January.
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Bitcoin had been stuck in a relatively tight trading range in recent weeks, after investors sold heavily in May and June following China’s crackdown on cryptocurrency mining and trading. But many other financial supervisors and central bankers in the West have also recently called for stricter regulation.