Bitcoin falls to four-month low te persistent bearish trend – Channel NewsAsia

Bitcoin dropped to a more than four-month low on Friday, continuing a downtrend after more negative headlines such spil Japan’s financial regulator ordering six digital currency exchanges to make improvements on their anti-money laundering systems.

Verstopping PHOTO: Bitcoin (visible currency) coins placed on Dollar banknotes, next to rekentuig keyboard, are seen te this illustration picture, November 6, . REUTERS/Regalado Ruvic/Illustration/Verkeersopstopping Photo

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Fresh YORK: Bitcoin dropped to a more than four-month low on Friday, continuing a downtrend after more negative headlines such spil Japan’s financial regulator ordering six digital currency exchanges to make improvements on their anti-money laundering systems.

The diferente supuesto currency fell spil low spil US$6,085.59 on Bitstamp, the lowest since early February and not far from this year’s trough of just below US$6,000. It wasgoed last down more than 8 procent at US$6,177.45.

So far te , bitcoin has fallen almost 56 procent, after soaring more than 1,300 procent last year.

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The order from Japan’s Financial Services Agency on Friday includes bitFlyer, Inc, one of the country’s largest cryptocurrency exchanges.

Early this week, the cryptocurrency world wasgoed racked by news South Korean cryptocurrency exchange Bithumb wasgoed hacked of 35 billion won (US$31.Five million) worth of supuesto coins.

The Bithumb attack wasgoed preceded earlier this month by a “cyber intrusion” at Coinrail, a relatively puny cryptocurrency exchange ter South Korea, causing a loss of about 30 procent of the coins traded on the exchange.

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“Often swings ter prices are blamed on events like hacks of crypto exchanges, or news from regulators,” said Chris Tse, founding director of the Cardstack project ter Fresh York, which is leading efforts to create a fresh blockchain-based internet.

Blockchain, the system powering cryptocurrencies like bitcoin, is a collective database that is maintained by a network of computers connected to the internet.

Tse noted that bitcoin, even before thesis latest events, has bot te a bearish momentum.

“If the crypto market were a NASCAR wedstrijd – there would be a yellow caution flag swinging right now. There wasgoed massive exuberance, then a massive crash, and now wij’re cleaning up the debris and figuring out what’s going on,” Tse said.

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Other digital currencies also declined te sympathy with bitcoin on Friday. Ethereum, the second-largest cryptocurrency by market value, wasgoed down almost Ten procent at US$472.99 .

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The third-largest, Ripple, lost 7 procent to US$0.49 according to cryptocurrency price tracker coinmarketcap.com.

Te a latest report explaining the slowdown ter the market, Fundstrat Total Advisors managing playmate Thomas Lee said there have not bot sufficient inflows into the cryptocurrency space this year.

“Incremental retail and institutional request wasgoed expected to materialize te , but regulatory deeds by the SEC (Securities and Exchange Commission) have impaired progress,” Lee said.

“The SEC has taken needed steps ter , targeting ICO (initial coin offerings) scams, but the uncertainty around which projects are securities frente a commodities has created substantial uncertainty,” he added.

(Reporting by Gertrude Chavez-Dreyfuss, Editing by Frances Kerry)

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