Bitcoin, Cryptocurrencies on Defensive after Selloff

From:

Investing.com - Digital currency bitcoin along with other major cryptocurrencies was on the defensive on Sunday after a steep selloff on Friday that sent bitcoin below $8000 for the first time since November.

Bitcoin was trading at $8,472.1 by 10:22 AM ET (15:22 GMT) on the Bitfinex exchange.

Prices plumbed a low of $7,972 on Friday before recovering somewhat, as fears over a clampdown by regulators weighed.

Bitcoin and rival cryptocurrencies have been hit by fears over tighter regulation.

In South Korea – where speculation on cryptocurrencies is rife - new measures banning the use of anonymous bank accounts in cryptocurrency trading came into effect last week. The measures are aimed at preventing digital currencies from being used for money laundering and other illegal activities.

On Thursday, Indian Finance Minister Arun Jaitley pledged a crackdown on the use of cryptocurrencies for illicit purposes, stressing the government does not consider them to be legal tender.

Prices have also been hit by the news that Facebook is banning all adverts for digital currencies.

Ongoing concerns over digital currency tether and its ability to collapse the bitcoin market have also pressured prices lower.

U.S. regulators are investigating whether the spike in the price of bitcoin in 2017 was the result of market manipulation.

Read more:https://finance.yahoo.com/news/bitcoin-cryptocurrencies-defensive-selloff-172600440.html;_ylc=X1MDMTE5Nzc4NDE4NQRfZXgDMQRfeXJpZAM2YmMwaTMxZDdlc3F2BGcDZFhWcFpEeHVjejQxT1RJNU9Ua3pOUzB4TVdNMExUTXdPV0l0T1RJd09TMDFZek16WlRoak16ZGpabVYxZFdsa1BHNXpQa0pVUTFWVA0KUkQxWQ0KBGxhbmcDZW4tVVMEb3JpZ19sYW5nA2VuBG9yaWdfcmVnaW9uA1VTBHBvcwMxBHJlZ2lvbgNVUwRzeW1ib2wDQlRDVVNEPVg-?.tsrc=applewf

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