Bitcoin price plummeted January 27, 2021, after Bitcoin's value fell by as much as 10 percent yesterday. Investors await the Biden administration's plans for the future of digital currencies and their markets.
Earlier, Treasury Secretary Janet Yellen and Gary Gensler, a candidate to lead the Securities and Exchange Commission, indicated that they would closely look into regulating bitcoins.
At the current time, it seems that Bitcoin and cryptocurrencies have suffered due to regulatory concerns that may be imposed by the new US administration, which is expected to stimulate most countries of the world to follow similar legislation.
On the other hand, some analysts see this decline as a normal situation. Especially as Bitcoin has more than quadrupled in value in the past year. Before it nearly doubled at the start of the new year.
As success was not achieved without some greenhouses. Over the past several years, the cryptocurrency has faced concerns in the United States and abroad about its potential use for illegal activities.
Bitcoin price January 27, 2021
In terms of trading, the bitcoin price fell during trading on Wednesday. To settle just above the $ 31,000 levels, as it traded at $ 31240 at the time of writing the report.
As Bitcoin is witnessing a period of negative trading, the pressure of a correction or some legislative concerns
Iran stops Bitcoin mining farms
In other news, Iran is exposed to continuous power outages, the state authorities responded to the crisis by targeting bitcoin mining farms. The sanctions-affected country campaign against miners has seen a total of 1,600 mining centers close.
However, this lightning Iranian crackdown on cryptocurrency miners appears to contradict the country's previous policies towards cryptocurrency mining.
According to one report, the Islamic Republic had previously "permitted 24 bitcoin processing centers that consume an estimated 300 megawatts of energy per day." Moreover, Iran's "electricity cost of about 4 cents a kilowatt-hour", as well as tax-free areas in the south, helped attract "Chinese tech-savvy entrepreneurs."