Bitcoin Price Prediction: Drops to $39,650 Amid Unconstitutional Canadian Law & GBTC Withdrawals
In the In the realm of cryptocurrency, the latest Bitcoin price prediction becomes increasingly complex as the asset dips to $39,650, influenced by a blend of regulatory news and investment product dynamics. On Wednesday, Bitcoin registered a notable decline, trading at $39,653, marking a 1.03 percent decrease.
Contributing to this downward trajectory, a recent legal development has emerged from Canada, where a law enacted to halt cryptocurrency donations to demonstrators has been declared unconstitutional.
Simultaneously, a surge in withdrawals from the Grayscale Bitcoin Trust (GBTC) is exerting additional downward pressure on Bitcoin prices, spotlighting the sensitivity of the digital currency to both political and market forces.
The Federal Court of Canada has deemed the Canadian government’s use of emergency powers to freeze cryptocurrency donations for truckers protesting as illegal. In February 2022, in reaction to the “Freedom Convoy” protests against COVID-19 restrictions, Prime Minister Justin Trudeau’s government employed the Emergencies Act to halt financial assets, including cryptocurrencies.
Canada’s use of law freezing protesters’ crypto donations was unconstitutional: Court https://t.co/IaoJYrFMiK
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