Why is Bitcoin dropping? The worst Crypto Market Crash in Recent History
Why is Bitcoin crashing? Bitcoin dropped by more than 25%, below $ 4,000 per unit, following ban on credit card transactions. The market is collapsing.
The decline in the cryptocurency market accelerated on Monday after bitcoin fell below the $ 5,000 threshold for the first time since October 2017 to date, following speculation over regulations prepared by authorities in several parts of the world - new legislation that - could force those who launch ICOs to liquidate their holdings after the completion of the procedure, according to Bloomberg.
Thus, Tuesday at 11.00 am bitcoin was traded at $ 4.394 per currency at a market capitalization of $ 76.4 billion, down nearly 18 percent, according to CoinMarketCap.
Decreases were felt across the market, with XRP becoming the second largest in terms of market capitalization, trading at $ 0.43 per share, down 9% from the beginning of the day, to a market capitalization of $ 17.5 billion.
Ethereum has ranked third in Concurrency , with a value of $ 128.3 per share, at a market capitalization of $ 13.3 billion, down 19%.
One of the strongest drops is recorded by Bitcoin Cash, fifth in terms of market capitalization, after a loss of 46% to $ 199 per currency and a market capitalization of $ 3.5 billion .
On Friday, the US Financial Supervisory Authority (SEC) announced the first civil fines against two companies operating in the Concurrency market because they did not register their digital coins launched as securities. Airfox and Paragon Coin will pay each $ 250,000 penalty to compensate investors. Moreover, companies are now obliged to register digital coins as securities.