Bitcoin heads for worst monthly slide since December 2013

Business Daily Kenya: 

Eric Lam @PeopleDailyKE

For cryptocurrency investors, January can be turning into a month to rue. Digital coins have mostly slid This particular week, with Bitcoin heading for its worst monthly decline since February 2014, as US regulators ramp up their scrutiny of one of the entire world’s largest digital currency exchanges while Facebook can be banning ads tied to the industry.

Bitcoin can be down about 29 per cent This particular month, touching $10,172 yesterday in London, according to composite pricing compiled by Bloomberg. Rival coins Ripple in addition to Litecoin have respectively slid about 45 per cent in addition to 29 per cent, while Ethereum has managed a 47 per cent increase.

“The regulatory oversight in addition to the clampdown can be truly coming to the fore right right now,” Stephen Innes, head of trading for Asia Pacific at Oanda, said by phone via Singapore.

“I don’t think we’ve seen the last of the item.” The US Commodity Futures Trading Commission sent subpoenas on December 6 to cryptocurrency trading venue Bitfinex in addition to Tether, a company of which issues a widely traded coin the item claims to be pegged to the dollar, according to a person familiar with the matter who asked not to be identified discussing private information. The firms share the same chief executive officer.

Facebook, meanwhile, will ban ads on its social network promoting digital currencies, initial coin offerings in addition to binary options, warning they’re “frequently associated with misleading or deceptive promotional practices.”

US regulators have moved to crack down on the industry after the emergence of various companies or people raising money through an ICO, or initial coin offering, with no apparent business behind the item.

The US Securities in addition to Exchange Commission said This particular week of which the item got a court order freezing the assets of a Texas-based initial coin offering of which claimed to have raised more than $0 million.

The order stops AriseBank via raising any additional cash via investors. Cryptocurrencies have yet to sustain a rally after a record $500 million heist via Japanese exchange Coincheck on January 26, further intensifying calls for increased oversight in global trading hotbeds such as South Korea.

The post Bitcoin heads for worst monthly slide since December 2013 appeared first on Mediamax Network Limited.

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Bitcoin heads for worst monthly slide since December 2013

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