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

CryptocurrencyJan 31, 2018 09:11
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© Reuters. Bitcoin drops, on track for largest monthly decline in four years - 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

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Comments (1)
Mr Christian
Mr Christian Jan 31, 2018 9:34
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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!
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