Bitcoin (BTC) has just hit its year-low this morning, as its price has just dipped below the $6,000 mark and Ethereum (ETH) is closely skimming the $400 mark.
Bitcoin (BTC) Price
As per CoinMarketCap, the Bitcoin-US dollar (BTC/USD) exchange rate plummeted to a 2018-low of $5,835.75 at 0:09:00 UTC. At press time, the cryptocurrency is changing hands at $$5,873.86 and is down -3.43% percent in 24 hours. BTC’s price is down -6.59% this week and -21.49%, for the month.
Ethereum (ETH) Price
As per CoinMarketCap, the Ethereum-US dollar (ETH/USD) exchange rate dropped to a low of $407.93 at 08:54:00 UTC. Ethereum hit its year-low of $365.21 a coin back on April 1st. At press time, ETH is trading at $407.93 a coin, down –6.21%, in 24 hours.
ETH’s price has been on a downslide the last 30 days.
For the week, ETH is down –12.92%, and for the month, the digital currency is down –27.89%.
A week ago, Japan announced that its financial ‘watchdog’ would be cracking down on Japanese cryptocurrency exchanges. The FSA delivered orders to six of its domestic crypto exchanges.
In that time, the cryptocurrency market violently swung back into the red due to ‘FUD’ and panic selling.
The market has yet to fully recover from this news.
CME Group’s Bitcoin futures ended their last day of trading for the month, and within the last couple months, there have been price declines in the run-up to the futures’ expiration dates. This could be another reason why the market has yet to recover.
Cryptocurrency regulations are inevitable, but this year it seems the once skeptical governments around the globe are easing into the idea of digital currencies. Last year, countries were flat out banning their citizens from trading digital tokens, but now, the push is more toward regulations.
Initial coin offerings (ICOs) and anonymous cryptocurrencies, like Monero and Verge, still have a bad reputation and are seen as ‘fraudulent’ by most of the governments around the world.
Market corrections are inevitable and should be expected. Major countries around the globe will continue to iron out their cryptocurrency regulations, and price swings will more than likely occur as a result.
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