To make matters worse, a billionaire hedge fund founder believes there's a decent probability Bitcoin could be outlawed.
A strengthening dollar has put BTC under pressure this week, but there may be other dynamics at play right now. Tech stocks have also been taking a beating in recent days amid concerns over rising interest rates, prompting traders to take their capital elsewhere.
To make matters worse, a record-breaking $6 billion worth of Bitcoin options are due to expire tomorrow, an event that could make the markets even more volatile.
Could Bitcoin Be Outlawed?
There has been a growing drumbeat of regulation in the crypto space for some time, with European Central Bank President Christine Lagarde recently declaring that Bitcoin is used for “funny business.”
“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control. So I think that it would be very likely that you will have it under a certain set of circumstances outlawed the way gold was outlawed.”