Bitcoin and Ethereum correct as Bitzlato take down, tech layoffs and economic worries dominate headlines

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Fear of serious regulatory enforcement against the crypto sector and concerns over the strength of the most recent rally in Bitcoin and Ethereum prompted traders to take a little bit off the table as BTC, ETH and altcoin prices softened.

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.At the time of writing, BTC price had dipped to an intraday low at $20,400, and Ether 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 candles reflect a bit of indecision as traders decide whether to re-enter the market.Additional pressure on crypto assets could also be coming from a dim outlook of the U.S.

 

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The banks and elites want it because it give ms us mere serfs financial freedom

We big chillin

Crypto's 'Excuse Of The Day' is brought to you by The People Who Just Took Your Money.

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