Negative news somehow always correlates with price action reversals in any asset, in this case when Revolut announced that it would discontinue its cryptocurrency services in the US, the market reacted downwards, for example Bitcoin is about to lose the $29,000 level with a depreciation in the last 24 hours of -0.4%.
This does not mean that it was precisely the distancing of the financial technology company Revolut from the cryptocurrency market that brought the price down, however, the chain of events is related to the instability that has been woven in recent weeks.
However, the truth is that the suspension of Revolut's cryptocurrency services in the United States will affect 1% of its total global user base, as reported by the company in accordance with what was disclosed by the Cointelegraph portal.
The aforementioned article highlighted that "Access to cryptocurrencies through Revolut will be completely disabled and U.S. customers will no longer be able to buy, sell or hold cryptocurrencies."
It was also highlighted that "Some major cryptocurrency services have also recently struggled to continue serving their customers in the United States. Crypto.com, a major global cryptocurrency exchange, announced the suspension of its services to institutional customers in the U.S. in mid-June."
Let's hope that for the sake of the cryptocurrency market, decisions such as those made by Revolut will not affect the stability and progress that the market has been showing in recent months.
SOURCES CONSULTED
Cointelegraph. Revolut to suspend cryptocurrency services in US. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Nasdaq
