Bitcoin Plunged Below $10,000 Amid Growing Fears Over SEC Strict Regulation

post image

On March 7, for the first time in a few weeks, bitcoin’s price drastically went down below the margin of $10,000, reaching the low of $9,693. According to several media reports, including CNBC, this change could have been triggered by the recent Securities and Exchange Commission’s statement concerning cyber assets trading venues.

Bitcoin Dropping Significantly For the First Time Since Mid-February

Bitcoin is known as a volatile cyber currency, so there’s no wonder that it has been fluctuating specifically since the beginning of 2018. On February 6, its price reached the bottom of $6,000 after record-breaking $20,000 in mid-December 2017.

Throughout February the crypto-coin was doing its best at recovery, climbing up to the high of nearly $12,000 two times. However, as it seems, bitcoin is losing its rigor as at the beginning of March, just after a few weeks of successful restoration. Only within an hour and a half (between 6 PM and 7.30 PM UTC) on March 7 the king of all cryptos lost nearly $800 in value, getting close to the price of $9,600.

But most remarkably, it kept plummeting since that day, reaching the low of $8,520 on March 9, according to Coinmarketcap.com [updated March 9].

The Reason?

Several media outlets suggested that the reason for such an unexpected drop could be the recent statement released by the SEC. In it, the agency said it is going to require cyber money burses to register with it. Notably, SEC considers virtual assets to be securities.

There is a high probability that bitcoin’s price fell amid the growing fears among traders that the SEC might take a hardline stance on exchanges.

In particular, the agency stated that all platforms, which provide users with the ability to buy and sell cryptos, need to be registered with the SEC. Therefore, they will be regulated as national securities exchanges, or the agency may conclude that specific platforms do not require registration.

Ethereum Becomes Second Most Valuable Crypto Again
Ethereum has finally recovered and reclaimed its title of the second most valuable cyber-asset in the world after its elder brother bitcoin. Gaining the...
Bitcoin Plunges Below $4,500 For The First Time in a Year
The most valuable cyber-coin in the world plummeted below the margin of $4,500, the lowest point since the last year’s end of September. Overall, on November...
Report Shows 84% of Surveyed Companies Are Actively Involved in Blockchain
DLT can be applied far beyond the realm of cyber coins. That’s why hundreds of companies around the world are searching for ways to get involved with DLT...
Wozniak Says He’s Involved in Blockchain Startup
A tech entrepreneur and early Apple’s ‘angel’ Steve Wozniak has almost always sounded bullish with regard to bitcoin and blockchain. If he has mostly been...
After Relocating Its Office to Malta, Binance Opens an Account There
The international cyber-money bourse Binance has opened a bank account in Malta. This information has been recently revealed by the company’s top exec as...
New Record-Breaker: Blockchain Startup Raised $4 bln Before Product Launch
There is a new champion on the horizon. A blockchain startup has gathered around $4 billion this week, beating the record of the largest initial public...
5 Best Cryptocurrencies For Investing, According to Weiss Ratings
Investing in cyber assets has already become what is called a gold mine. People all over the world have got an opportunity to get richer faster and simpler....
Most of Stolen 500 Million NEM Coins Already Laundered – Report
The most substantial part of 500 million NEM units, stolen by hackers from Japanese cyber money trading venue Coincheck around two months ago, has already...
Japanese Electric Giant Tests Blockchain and Lightning Network for Charging Electric Cars
The Japanese electric power giant has decided to take on a challenge of using blockchain and the acclaimed scalability solution Lightning Network in the...
JPMorgan Chase Officially Admits Bitcoin Can Destroy Banks
It’s official. JPMorgan Chase, the largest US lender, has admitted that cyber money as well as peer-to-peer tech trend, could destroy traditional financial...
Russia to Implement the “First” Guarantee System for ICO Investments
While Russian legislators are breaking their heads about the regulation of cyber assets, mining and blockchain in the state, the financial sector on par...
JPMorgan Supports Blockchain, Remains Cautious About Cryptos
Large American international banking and financial services company JPMorgan Chase is getting more interested in the blockchain. One of the leaders at...
Dubai Will Be A World's Capital City
Dubai got a new title - "Smart City 2017". The award was received at the Global Smart City Awards. The annual rating in Barcelona is already the 7th in...
Why The Ripple Rate Flew Above $ 3.8
Ripple continues to set records and grow steadily. The reason for the next surge in purchases were rumors that the cryptocurrency will be added to the digital...
New Fork is Out: Bitcoin God Finally Executed With a Delay
As it was expected, ultimately, the hard fork of Bitcoin – Bitcoin God – successfully born on December 27. However, this happened with a two-day setback....