BITCOIN Briefly drops to $9,000: Factors behind the decline

On March 8, the price of bitcoin dropped to $9,000, after reaching $11,000 merely 48 hours ago. Analyst have attributed three major factors to the decline in price of Bitcoin: Mt. Gox sell off, SEC announcement, penalization of Japanese exchanges.

According to the officials document released by the My. Gox trustee, a total of $404 million worth of bitcoin and bitcoin cash have been sold over the past few months, at a price determined the trustee, which is significantly lower than the current market value of bitcoin and bitcoin cash.

In addition, this week,l. The U.S securities and exchange commission (SEC) announced that the cryptocurrency exchanges that have listed initial coin offering (Icos) or tokens on their platform are required to register with the agency in order to continue providing support for ERC 20 tokens.

Finally as Tokyo- Based technology reporter Yuji Nakamura reported, the Japanese government recently penalized four cryptocurrency exchanges and revoked the licensed of two trading platform for poor security and failing to meet anti-money laundering (AML) and know your customer (KYC) policies