Bitcoin Falls From Weekly High Over Crypto Exchange Scrutiny

in bitcoin •  9 months ago

As regulators crack down on cryptocurrency exchanges, bitcoin slid again on Thursday (March 8) by 7 percent over a 24-hour period. Following a high earlier in the week, the cryptocurrency has tumbled more than 15 percent, CNBC reported.

The popular virtual currency was trading at $9,809.63 as of 11:27 A.M., according to CoinDesk. That was down from a weekly high of $11,624 on Monday (March 5). And, on Wednesday (March 7), the currency fell below the $10,000 level.

The fall comes as Japan’s Financial Services Agency (FSA) stopped trading on Thursday (March 8) at the Bit Station and FSHO crypto exchanges for one month. The FSA said a Bit Station manager had used bitcoin from customers for his or her own purposes, according to a translation and wire reports.

The price dip follows concerns at the Hong Kong-based Binance exchange, where customers might have fallen victim to phishing through their accounts: “The [application programming interface] for the exchange malfunctioned and sent sell orders into the market,” Brian Kelly, head of BKCM, told CNBC.

The recent declines also come as the U.S. Securities and Exchange Commission (SEC) said several online trading platforms should be registered with the SEC itself. Among the issues raised by the regulator, the SEC noted investors may put faith in and feel a greater sense of security in a platform bearing an “exchange” label. But against that backdrop, the SEC said the platforms likely would need to be registered as regulated national securities exchanges or as alternate trading systems, said Reuters.

“The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not,” the agency said via a statement. Some platforms do not, in fact, act like exchanges but offer services that, as Reuters said, “trigger other requirements,” such as the need to become a broker dealer or a clearing agent.

According to the SEC, platforms that offer trading of digital assets that, in turn, act like securities must register. SEC Head Jay Clayton has in the past given voice to his concerns over cryptocurrency trading and has said investors should be cautious.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

https://www.pymnts.com/blockchain/bitcoin/2018/cryptocurrency-exchange-price-sec-regulation/

Copying/Pasting large segments of text without adding anything original is frowned upon by the community (whether you cite the source or not) ..

Some tips to share content and add value:

  • Using a few sentences from your source in “quotes.” Use HTML tags or Markdown.
  • Linking to your source
  • Most importantly, include your own original thoughts and ideas on what you have shared.

Repeated copy/paste posts could be considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.

If you are actually the original author, please do reply, with supporting evidence, to let us know!

@decoolprince you were flagged by a worthless gang of trolls, so, I gave you an upvote to counteract it! Enjoy!!

very good information on the subject served me very much for your time thanks

You got a 1.69% upvote from @buildawhale courtesy of @decoolprince!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.

If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.

You got a 38.31% upvote and resteem from @ebargains courtesy of @decoolprince. Thank you for using the @ebargains UPVOTE and RESTEEM bot.

If you are looking to earn a passive no hassle return on your Steem Power, delegate your SP to @ebargains by clicking on one of the ready to delegate links:
50SP | 100SP | 250SP | 500SP | 1000SP | 5000SP | Custom Amount

You will earn 80% of the voting bot's earnings based on your delegated SP's prorated share of the bot's SP pool at the end of EACH voting round! That is over 38.5% APR! You can also undelegate at anytime.

"The FSA said a Bit Station manager had used bitcoin from customers for his or her own purposes"
So the government can actually track Bitcoin transactions?

this is pure haters seeing an opportunity to cash into cryto.

·

I agree with you totally...

·
·

Sure and I did many article post in similar topic. Let's steem on 👍

You got a 2.70% upvote from @upmyvote courtesy of @decoolprince!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.

If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.

This post has received a 3.4 % upvote from @boomerang.

This post has received a 1.14 % upvote from @booster thanks to: @decoolprince.

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvote this reply.

Congratulations @decoolprince! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :

You got your First payout

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Final results coming soon

Do you like SteemitBoard's project? Then Vote for its witness and get one more award!