Bitcoin Again Dropped Below 10,000$ & Other Cryptocurrency
On Tuesday cryptocurrency market again fall observed and further decline is going on according to Coinmarketcap. There were no significant reasons behind this trend. Bitcoin traded 12% lower around $9,817, the price taken from different digital currency exchanges like Bitfinex, Coinbase, Bitsamp and itBit.
Second largest currency Ethereum was traded 9% lower, near $1,073 according to CoinMarketCap. Similarly ripple xrp fell around 10 percent to $1.19 as per website. Steller fell down around 17 percent to 49 cents according to coinmarketcap, which resulted in change its position from eight places to sixth place.
There was no significant drop caused Tuesday morning but may be these reasons. U.S. Securities and Exchange commission also announced on Tuesday it obtained a court order to freeze the assets of an new coin offering claiming to have raised $600 million.
The South Korea’s Financial Supervisory Service FSS and Financial Intelligence Unit FIU inspected Woori Bank, KB Kookmin Bank, Shinhan Bank, Nonghyup Bank, Korea Development Bank (KDB), and Industrial Bank of Korea (IBK) between January 8 and 11, as news.Bitcoin.com previously reported. They extended the inspection period to January 16. The main purpose of the inspections was to make sure that banks fulfil their anti-money laundering (AML) obligations related to services they provide to cryptocurrency exchanges.
The South Korean government is one of the biggest countries that have been planning cryptocurrency countermeasures. Like inspections of the six banks, the FIU created AML guidelines for banks to follow when dealing with cryptocurrencies. Concurrently, the regulators also published their countermeasures for cryptocurrency regulations which they promised back on December 28. Earlier this month, the government also mandated that crypto exchanges share their user data with banks under the new real-name account system.
Bitcoin catches world attention towards cryptomarket. Its price and feature was the main cause, mostly people invested just to get some profit by trading. However, if it failed to survive then people attentions will lost towards btc or crptocurrency. This may cause falling of bitcoin price with other alts coin like ethereum, ripple xrp, steller, bitcoincash BCH etc.