Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin Drops, On Track for Largest Monthly Decline in Four Years

CryptocurrencyJan 31, 2018 09:11
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Bitcoin drops, on track for largest monthly decline in four years

Investing.com - The price of digital currency bitcoin fell on Wednesday in the last trading day of the month and was on track for the largest monthly percentage decline since December 2013 amid growing fears over regulatory scrutiny.

Bitcoin was trading at $10,215 by 04:01 AM ET (09:01 AM GMT) on the Bitfinex exchange. Prices are down around 25% so far this month, the worst monthly performance since December 2013.

Ethereum, the world’s second largest cryptocurrency by market cap, was last at $1,092 on the Bitfinex exchange, while Ripple's XRP token was trading at $1.11 on the Poloniex exchange.

Bitcoin prices came under renewed selling pressure on Thursday following reports that the U.S. Commodity Futures Trading Commission sent subpoenas on Dec. 6 to cryptocurrency exchange Bitfinex and Tether.

Tether is a company that issues a widely traded coin, which its claims is backed by U.S. dollars held in reserve, but has never provided any evidence to confirm this.

Meanwhile, Facebook said Tuesday that it will ban advertisements that "promote financial products and services that are frequently associated with misleading or deceptive promotional practices," including cryptocurrencies.

Cryptocurrencies are still reeling after hackers stole $530 million worth of virtual coins from Tokyo-based cryptocurrency exchange Coincheck last week, in one of the biggest-ever thefts of digital money.

Bank of Japan Governor Haruhiko Kuroda said on Wednesday companies offering cryptocurrency services must have ample security steps in place.

Japan’s financial regulator has said that it will inspect all cryptocurrency exchanges in the wake of the hack and ordered Coincheck to improve its standards.

The theft has underlined security and regulatory concerns around digital currencies amid an exponential increase in demand and price during recent months.

Many counties are clamping down on cryptocurrency trading. In South Korea, new measures banning the use of anonymous bank accounts in cryptocurrency trading came into effect on Tuesday. The measures are aimed at preventing digital currencies from being used for money laundering and other illegal activities.

The implementation of the new rules came after mixed messages about regulation from South Korean officials at various ministries spooked cryptocurrency markets earlier this month.

On Thursday, the country’s finance minister said the government has no plans to ban cryptocurrency trading, adding that regulating exchanges was the government’s immediate task.

Bitcoin Drops, On Track for Largest Monthly Decline in Four Years
 

Related Articles

Cardano Climbs 10.19% In Rally
Cardano Climbs 10.19% In Rally By Investing.com - Nov 29, 2021

Investing.com - Cardano was trading at $1.6249 by 17:52 (17:52 GMT) on the Investing.com Index on Monday, up 10.19% on the day. It was the largest one-day percentage gain since...

Ethereum Climbs 10.27% In Bullish Trade
Ethereum Climbs 10.27% In Bullish Trade By Investing.com - Nov 29, 2021

Investing.com - Ethereum was trading at $4,450.92 by 17:42 (17:42 GMT) on the Investing.com Index on Monday, up 10.27% on the day. It was the largest one-day percentage gain since...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Mr Christian
Mr Christian Jan 31, 2018 9:34
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Inevitable. In some ways this is good and in other ways it is bad. It’s going to stop some people taking the biscuit I suppose... did anybody hear about HSBC laundering money for the drug cartels? :D they’re still a mega corporation btw. Long live BTC!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email