Bitcoin and Ethereum Price Prediction: Is Regulation Backlash Selloff Overdone?

cryptonews.com:

Bitcoin, the world's largest cryptocurrency, fell 5% to $21,800 on Friday, continuing its downward trend. In the meantime, Ethereum was down 4.93% and trading near $1,544.48. However, many factors could be responsible for its prolonged decline. 

Everything has had a negative impact on cryptocurrencies, whether it is the increased threat of hacking in the crypto industry or the most recent concern that the United States may restrict crypto staking.

The global cryptocurrency market has continued to fall, dropping more than 3% on the day as new regulatory concerns frightened investors around the world. The drop in cryptocurrency prices was precipitated by reports that the United States would outlaw cryptocurrency staking. 

Last night, Coinbase CEO Brian Armstrong stated that restricting crypto staking would be a "bad route" for the US.

As a result of the latest developments at Kraken and the SEC, BTC has fallen below $22,000, and Ethereum has lost its key support level of $1,600. 

Despite the market excitement generated by Kraken's recent launch of staking and settlement services in Asia, the company's activities in the US have been hampered by the SEC's lawsuit against it for alleged breaches in its crypto staking services. This incident has also contributed to the current crypto market decline.

Furthermore, North Korean scammers have been hacking cryptocurrency exchanges and stealing digital currency through phishing. Although th

ese attacks have been occurring for some time, they have recently become more frequent. This was cited as one of the primary reasons for the decline in investor confidence and bitcoin losses.

On the plus side, the US Securities and Exchange Commission (SEC) has committed to begin monitoring