7 Reason for fall of BITCOIN, In past 3 Months.
Bitcoin has suffered high and dry in last three months. The price of Single bitcoin reached a new all-time high of $19,783 on 17 December 2017, i.e., increase of about 1,824% since 1 January 2017. Unfortunately, From Past 2 days bitcoin is suffering steep Fall, Bitcoin prices fall by $9,000 — a 24% decline for the week, on Friday afternoon. Earlier in the week the value was dropped below the key $10,000 level.
according to industry site Coin Desk, Bitcoin traded $8,671.67 at 12:37 p.m. HK/SIN after touching the low of $8,587.05 earlier,
why bitcoin is falling today
what are the reasons Behind the decline.
US over Bitcoin.
These tensions can be seen, because earlier in the week after the U.S. Securities and Exchange Commission said, “digital assets that are securities” would have to register with the agency. i.e. cryptos could be scrutinized.
The statement came on Wednesday, after weeks of subpoenas from the SEC in its attempt to implement a better control over the trading platforms and exchanges.This pressure resulted in the decline of cryptos.
Bit Station and FSHO were booked in Japan
Apart, In Japan financial Services Agency issued punishment notices for various exchanges in the country. Regulators also suspended the operationsfor a month at Bit Station and FSHO, Regulatory scrutiny in japan is increased after $530 million worth of virtual tokens were stolen from Coin check.
According to Mainichi,“Bit Station and FSHO were ordered to suspend business from March 8 to April 7. These two are quasi-operators, i.e. They are allowed to operate crypto exchanges while their registrations are in pending review. The agency has also asked the two exchanges to submit work improvement plans by March 22”.
The new law of Plattsburgh
While inPlattsburgh, politicians are Worried about bitcoin mining to get rid of these a new local law has been proposed called §270-28-J under Chapter 270 on 2nd march. This law imposes a suspension on commercial mining in the town of Plattsburgh. The proposed law need to go through public hearing on March 15 at the Common Council Chambers.
“This local law shall impose a moratorium on applications or proceedings, or the issuance of approvals or permits for commercial cryptocurrency mining operations in the City of Plattsburgh,” explains the Mayor’s proposal. “The moratorium imposed by this local law shall be in effect for a period of eighteen (18) months from the effective date of this local law.”
Europe’s Clocks Are Running Slow
Cryptocurrency mining has been blamed for a various thing. But to slow down the time itself to is a fresh charge and the one which sounds impossible. Well, something strange is happening in Central Europe right now. clocks are slowing down, and not by fractions, but like entire minutes. Overclocked Miners are blamed to for Slowing the Clocks.
Another step by China
Chinese government always tries to not to intrigues their citizen in the world of cryptocurrency. Despite all its previous attempts to government decided to take it a step further to deter the use of cryptos.Internet Regulators in China Block Cryptos Exchanges on Social Media. Regulators have blocked access to those social media accounts on WeChatwhich seems to promote cryptos
image : CNBC
India to eliminate Cryptos.
In the Union budget-2018, Finance minister Arun jatley States that. He would take all measures to eliminate cryptos from the financial sector of India. Stating those transactions as illegitimate activities, the government intends to explore the underlying technology for steering the digital economy.
Regulatory developments in the Asia Pacific
Apart, Regulatory developments in the Asia Pacific region is also impacting over the prices.
These are the few reasons behind the fall of Bitcoin In past three Months. These are the main reason of bitcoin falling today