After a ban call by a Dutch official, Bitcoin has dropped down its value by 6.10%.
BTC is trading at $35,050, which is $2,200 down from its previous value.
After knocking out Bitcoin through a crypto ban, Holland is also urging other states to do the same. A Dutch official recently urged the Netherlands to ban Bitcoin by publishing an essay titled “The Netherlands must ban Bitcoin.”
The Dutch Bureau for Economic Affairs and Climate Policy Director Peter Hasekamp also stroke an attack on Bitcoin. He said that Bitcoin holds “no intrinsic value and is only valuable because others may accept it.” He stated that Fiat currency is more valuable than digital currency. The latter has no means of payment, store of value, or unit of account.
On the contrary, El-Salvador lately accepted Bitcoin as a legal currency, shooting its price by $7000. However, Holland has undoubtedly won the second round of the Bitcoin battle.
Bitcoin has been going down the trend line the entire month, with no significant upscale in its price. Even with El-Salvador supporting it, its value could not cross the set mark.
On the 10th of June, the prices rose to $35,780; however, it has been falling since then. As long as its value remains below the trend mark, it is in danger of returning past week’s gains.
Indeed, this isn’t the first time an official has asked for a Bitcoin ban, and it would happen again too. What matters is how the market reacts when the U.S gets up in a couple of hours.
If Bitcoin manages to clear the trend line resistance above, it will again be crossing $40,000 soon.