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Crypto Prices Plunge; Bitcoin Dips Below $10,000 Mark as Japan Issues Punishment

Published 03/07/2018, 11:37 PM
Updated 03/07/2018, 11:37 PM
Cryptocurrencies’ prices plunged on Thursday

Cryptocurrencies’ prices plunged on Thursday

Investing.com – Cryptocurrencies’ prices plunged on Thursday, with Bitcoin down over 10% to drop below the key $10,000 level amid reports that Japan’s regulators issued punishment to seven crypto exchanges.

Bitcoin was trading at $9,620.1 by 11:30pm ET on the Bitfinex exchange, down 10.2% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, plunged 9.13% to $737.11 on the Bitfinex exchange.

Ripple’s XRP token dived 7.13% to $0.83971 on the Poloniex exchange.

Meanwhile, Litecoin also plunged 7.82% to $180.68.

Reports that Japan’s Financial Services Agency punished several crypto exchanges and suspended businesses at two of them received some focus today.

The financial regulator said the seven exchanges lacked “proper and required internal control systems” and issued business improvement orders to them. Bit Station and FSHO were ordered to halt operation for one month starting Thursday.

Meanwhile, Ripple’s CEO Brad Garlinghouse said in an interview on Wednesday that it is necessary for the crypto industry to work with the regulators.

"It's incredibly important that the entire industry recognizes that we have to work with the regulators, we have to work with the system, " said Garlinghouse, adding that the blockchain revolution is happening but it is not going to happen "from outside the system."

Crypto prices dived earlier today after the Securities and Exchange Commission said it would require digital asset exchanges to register with the agency.

"If a platform offers trading of digital assets that are securities and operates as an 'exchange,' as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration," the Commission said in its "Statement on Potentially Unlawful Online Platforms for Trading Digital Assets."

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