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Crypto lunch: price Bitcoin and crypto drops. Regulation, Elon Musk target

Also today during the crypto lunch we serve the live Bitcoin price and the prices of the top 25 crypto. In addition, we see how the market is wait-and-see due to various regulations. Also, Elon Musk is under fire from the SEC. We list the latest developments.

We start of course with the live Bitcoin price and the prices of the top 25 crypto.

Live Bitcoin price and prices top 25 crypto in slight correction

At the time of writing, the live Bitcoin price is quoting EUR 37,913.38 ($41,951.92). This is 2.24% lower than during our crypto lunch yesterday.

The prices of the other top 25 crypto are also undergoing a slight correction. There are exceptions though. The biggest gain is Cardano (ADA) with + 2.93%. The biggest loser is Avalanche (AVAX) with -5.30%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.

Waiting market due to regulatory news

The European market is wait-and-see due to news about regulations. For example, Thailand has announced to ban crypto coins as a means of payment as of April 1 (no joke). The reasons (stability of the financial system and preventing money laundering) sound familiar, but this restriction is unexpected because Thailand was previously considering precisely a crypto payment hub for Russians who cannot pay in Thailand otherwise due to sanctions.

Bad news also came from Europe. Indeed, the president of the European Central Bank, Christine Lagarde, indicated that she sees signs that sanctions-affected Russians are using crypto to avoid them. Therefore, she wants to increase the pressure on providers to stop this evasion. This is causing unrest, especially since her claims are open to question.

Firstly, based on data from Chainalysis, there is no indication that Russians are switching to crypto en masse to avoid sanctions. In addition, European providers have been required for more than a year to verify the identity of customers who want to create an account. They are also required by laws and regulations to cooperate in enforcing sanctions. It is therefore unclear why extra strict controls are now being threatened.

Elon Musk again in SEC’s crosshairs through Tweets

Regular readers of our column know that Elon Musk is one of the people who can make crypto currency prices rise or fall with one simple tweet. His supporters think it is clever, his opponents rather see it as market manipulation. Who is right seems to be fighting a legal battle soon. Indeed, the SEC has announced that it is investigating Elon Musk based on his Twitter behavior.

In an earlier fight with the SEC, Musk agreed that he had to have some Tweets read by a lawyer before he could send them. During a hearing to lift that provision, the SEC came forward with notification of the investigation, rejecting his request for relief.

The investigation does not directly focus on Elon Musk’s crypto tweets, but rather on a November 2021 Tweet in which he asked his followers if it was a good idea to sell 10% of his Tesla shares. Although there was ultimately no sale to date, the tweet caused a great stir among shareholders resulting in price fluctuations and claims.

It is expected that once the SEC decides to take further steps based on this tweet, they will also take a closer look at his Twitter behavior on crypto.

Crypto in correction or bearish?

Although the losses so far seem to be relatively minor, the question is whether today’s news will lead to further room for the bears or whether we will see a regular correction. To say more about this, it is important how the market reacts when the US financial markets are open. The fact is that the largest crypto currency is now below the key level of $42,500. How this develops you will of course read tonight in our Bitcoin update.

Want to stay informed about the latest price developments?

You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”