The bear market in bitcoin isn’t letting up, as the original cryptoasset has fallen to its lowest level in more than two months. What’s more, other digital assets like ripple and bitcoin cash have tumbled further—down more than 70% from their peaks—as regulatory scrutiny of the budding sector increases around the world.
Bitcoin was down about 8% at the time of writing, to around $7,618, its lowest level on a closing basis since Nov. 15, according to Coindesk and Coinmarketcap.com prices.
Bitcoin has lost more than half of its market value since peaking at more than $19,000 in December. Among other better-known digital assets, ripple has fallen the most, dropping about 69% this year.
Cryptocurrencies have caught the attention of top-ranking officials around the world, and not in a good way. Governments are concerned that these assets could be used for money laundering and fraud and are pushing for the G20 to formulate a response.
Regulators in South Korea, a hot spot for the burgeoning market, have taken steps to restrict buying and selling. Bitcoin and its cousins could be a victim of their own success, with attention and volumes rising at a pace that the systems, regulations, and technology underpinning the market can’t support. Read more from qz.com…
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