Bitcoin Price Crashes to $84,000 – Is $70,000 Next?

Ethereum is currently experiencing significant selling pressure, with its price dropping to $2,933 after a 9% decline in just eight hours. This downturn has led to the liquidation of over $670 million in long positions, reflecting a broader market struggle characterized by fear and uncertainty. Analysts are increasingly predicting a prolonged bear market extending into 2026, as Ethereum remains below critical structural levels.

The U.S. Federal Reserve has revised its guidance on how banks can engage with cryptocurrency, allowing for greater participation in digital asset trading. This change reverses previous restrictions that limited the activities of uninsured state-chartered banks, enabling them to access core payment systems and Federal Reserve membership.

The U.S. Securities and Exchange Commission (SEC) has charged a solo bitcoin miner, Micah Zimmerman, for defrauding investors out of $48.5 million through the sale of fraudulent mining hosting agreements that promised passive income. This case highlights the ongoing challenges in regulating cryptocurrency investments and protecting investors from scams.

Bitcoin's price has struggled to maintain stability, recently floundering below $90,000 despite a cooling inflation rate and rising stock markets. The cryptocurrency ended the week under $89,000, losing gains due to liquidity concerns and market volatility, particularly influenced by the Bank of Japan's interest rate decisions.

Bitcoin's price briefly reached $90,000 following the November Consumer Price Index report, which indicated a decrease in US inflation. However, the cryptocurrency's ability to sustain this rally remains uncertain as key market indicators are lacking.

Recent data indicates that the anticipated impact of the Bitcoin mining crackdown in China, particularly in Xinjiang, has been overstated, with hashrate losses being temporary and influenced by external factors such as power curtailments in the US.

Fold has launched Bitcoin services across all 50 states in partnership with BitGo Bank & Trust, marking a significant expansion of its offerings in the cryptocurrency market. This initiative allows users nationwide to access Bitcoin services, enhancing Fold's position in the rapidly evolving digital asset landscape.

The Intercontinental Exchange (ICE), which owns the New York Stock Exchange (NYSE), is reportedly in discussions to invest in the cryptocurrency payments firm MoonPay, which is aiming for a valuation of $5 billion and has recently enhanced its regulatory compliance in New York.