If last week you were optimistic about a new potential Bitcoin rise, since the asset was struggling to pass $10,000, today was far from being a good day for any trader. The world’s biggest coin, in terms of market cap, dipped even under $9,000, while all the other coins lost a lot of value.
Not just Bitcoin took a hit
Fortunately enough, we’re not in the same situation as back in February, but we can’t say that any coins are safe either. People are still fearing regulations, despite not all news are bad now, and this can be observed in how the market is evolving nowadays.
Ethereum and Ripple prices also declined by more than 5%, according to a report from BGR, while Bitcoin and Cash also dropped by almost 8%. But this can be just the start of another very dark months.
Goldman Sachs recently released a research note, claiming that Bitcoin might drop lower than $6,000 this month. If this indeed happens, it would be the first time the digital assets hits this level since last November. This time, though, Bitcoin is declining, while in November it was on its race to the top.
Asia is taking regulations to the next level
Besides this, Japan is currently trying to urge the G20 to introduce a unified crypto regulation, in an attempt to prevent money laundering schemes and protect customers and investors. Thailand is also joining that club, as its SEC is planning to introduce crypto market regulation framework in the following weeks.
As for China, the country is currently working to develop its own blockchain technology, even though it’s one of the major Bitcoin markets which announced that it’s planning to take regulatory steps with crypto trading.
Finally, let’s not forget about South Korea, a country which apparently changed its mind about ICOs. These could soon be available, once again, but seriously regulated.
We’re expecting to seeing more and more countries adopting such regulations, which, obviously, will have a big impact on the price of Bitcoin and other major cryptocurrencies.