Bitcoin continues its downward spiral, hitting a new low by going below $66,000. The cryptocurrency’s fall occurred amid one of President Donald Trump’s crypto policy advisors, David Sacks, stepping down.
Sacks’ departure has left uncertainty and volatility over the extent to which strong crypto support from policymakers will continue or not.
Bitcoin is designed with a fixed supply of 21 million coins, making it deflationary and distinct from traditional fiat currencies, which can be printed in unlimited quantities. This scarcity is often cited as a reason for its appeal as a store of value.
READ: Bitcoin extends decline, hovers near crucial $70,000 mark (
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