Amid the recent cat and mouse game being played by SEC, FED has remained unchanged for interest rates. This move must be a positive sign for the crypto community but for everyone's surprise Bitcoin is just going opposite. It has fallen to below 25k and the community is trying to guess the reasons.

Here are some of the reasons for the recent plunge in prices. Let's take a look.

The first and foremost reason for the negative reaction is because the decision by FED has not come as a surprise. Rated are steady at 5.25% for now but there is a signal for 2 more hikes later this year.

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Additionally this isn't the first time crypto markets are following S&P 500 index. And as we already know that S&P 500 turned negative after the rate decision this time.

The next one is being no major sign of stopping of the SEC and Gary Gensler from suing every other crypto project and exchanges. There was a news about firing Gary Gensler through 'The Stabilization Act' but it is not going to be fulfilled ay time soon.

Ask experts and they will say that this isn't just bitcoin the entire global economic space is undergoing a scary and indifferent patch of this century. The effects of covid-19 or the wars among nations and major countries rejecting US Dollars are a few of them.

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However most impactful of all for me has the Binance halting withdrawals for a few hours. Binance mentioned that it was due to 'Stuck transaction' but the community sees this as a reaction to SEC charging Binance US and mentioning 13 crypto coins as securities.

Can things be turned around or even stabilize for Bitcoin. At this point it seems like we are in for a little more downfall although always DYOR. 

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Hope you like this article. 

Thanks for reading.

Long live Bitcoin!