Published: June 22, 2018 11:18 a.m. ET Cryptocurrencies have lost $350 billion in value year-to-date Bitcoin and major digital currencies were in free fall Friday with most coins shedding as much as 10%, wiping billions off the market cap of cryptocurrencies. Bitcoin, the worlds biggest digital currency, is trading back at multimonth lows as ongoing exchange flaws continue to undermine the integrity of the market.
The overnight news that Japan’s financial watchdog has hit six exchanges with orders to improve business follows two exchange hacks in the past eleven days, which saw $70 million of cryptocurrency seized. “It’s critical that exchanges deploy top-notch security as it’s stricken confidence from the market,” said Naeem Aslam, chief market analyst at Think Markets.
“It’s beyond ridiculous, and I think regulators should increase pressure on exchanges with regards to security.” Aslam said that the hacks were doing severe damage to the reputation of both bitcoin and blockchain. Read: Bitcoin has gone 173 days without hitting an all-time high — its longest stretch in about 2 years The Friday move sent bitcoin perilously close to the $6,000 support level and the Feb.
6 low of $5,947.40. Last week, Tim Enneking, founder and managing director of Crypto Asset Management, said some of his traders see bitcoin potentially trading below $3,000.
Bitcoin is on track to record its third consecutive losing week and sixth in the last seven. Year-to-date numbers paint a bleak picture for owners of digital currencies. Read more from marketwatch.com…
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