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Bitcoin Price Drops Amid Regulatory Pressure and High Interest Rates

Investing.com– The price of Bitcoin dropped on Thursday, experiencing little relief amidst continued pressure from concerns over high U.S. interest rates and increased regulatory scrutiny against some of the crypto industry’s biggest players. This downward trend is not new, as the token has once again drifted towards the lower end of a trading range seen through most of the last two months. In late-April, Bitcoin had also slid as far as $57,000, entering a bear market from record highs hit in early-March.

Currently, Bitcoin fell 1.65% in the past 24 hours to $61,215 by 08:28 ET (12:28 GMT). The token is also facing sustained outflows from crypto investment products, particularly spot Bitcoin exchange-traded funds.

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Regulatory Concerns Impacting Bitcoin

Regulatory fears continue to chip away at Bitcoin 

Concerns over increased U.S. regulatory scrutiny against crypto remain a significant factor. The trading app Robinhood Markets Inc (NASDAQ:) is currently facing regulatory action from the Securities and Exchange Commission (SEC) over the trade of crypto tokens on its platform. This potential action against Robinhood adds to the existing cases the SEC has running against Coinbase Global Inc (NASDAQ:) and XRP issuer, both of which are expected to determine the legal status of cryptocurrencies in the U.S.

The SEC is also reportedly investigating Ethereum over its nature as a security. The regulator recently postponed a decision on approving spot Ethereum ETFs, indicating that approval may not happen until the investigation is concluded. Additionally, a recent report raised concerns over the artificial nature of over 90% of all transactions in stablecoins, leading to increased regulatory scrutiny in the sector.

Crypto Market Facing Supply Events Valued at Billions

As cryptocurrencies remain in a corrective phase, a series of supply events valued at billions could further delay significant recovery. According to a recent report by 10x Research, nearly $2 billion worth of token unlocks over the next ten weeks could negatively impact the altcoin market. These unlocks typically have a bearish impact as they increase supply by releasing assets previously held in vesting contracts to team members, organizations, and early investors like venture capital firms.

Over the next two months, significant amounts of various tokens will be introduced into circulation, potentially impacting market performance. Venture capital investors may be pressured to lock in gains, which could limit the upside performance of certain tokens.

Crypto Price Today: Altcoins Tread Water

Beyond Bitcoin, other major crypto tokens also saw little relief on Thursday. Ethereum fell 0.7% and XRP rose 1.5%, while XRP lost 1.7%. Traders are closely monitoring U.S. interest rate cues and upcoming economic data to gauge market trends.

With a focus on upcoming comments from Federal Reserve officials and key U.S. economic data due next week, the crypto market remains under pressure as regulatory concerns and high interest rates continue to impact investor sentiment.

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