Bitcoin, Major Altcoins Correct As Jenet Yellen Signals ‘Concern’ Over Crypto

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Bitcoin price failed to stay above the USD 37,000 level and declined below the USD 36,500 support. BTC even traded below the USD 36,000 level and it is currently (05:00 UTC) trading below USD 36,000. If it continues to move down, the bulls might try to protect USD 34,500.

Besides, there was a downside correction in most major altcoins. ETH/USD traded towards USD 1,440 before correcting below USD 1,400. XRP/USD is also declining and it is back below the USD 0.300 and USD 0.295 pivot levels.

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Meanwhile, US Treasury secretary nominee Janet Yellen said during a hearing at the Senate Finance Committee yesterday that “cryptocurrencies are a particular concern,” when it comes to terrorist financing, and “we need to make sure that our methods for dealing with these matters, with tech terrorist financing, change along with changing technology.”

“I think many [cryptocurrencies] are used, at least in transactions sense, mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels,” she said.