Bitcoin, together with the entire cryptocurrency space, is in a free fall. On Monday, it broke below $5,000 for the first time in about 13 months, and struck a year-to-date low. During the last 24 hours, Bitcoin has lost about 12% and is trading at $4,970, according to Coinmarketcap data as of 18:00 UTC. The rest of the coins are not doing better – Ethereum, EOS, Litecoin, IOTA, Tron, and Monero has dropped by over 11% for the day, with Ripple recording a more moderate decline of nearly 3%. The total market capitalization is currently at around $164.8 billion, the lowest since October 25, 2017.
Some crypto watchers believe that the bearish trend is driven by concerns over increased regulation, which push utility token issuers to liquidate their crypto holdings in exchange for fiat money or other assets. On Friday, we reported that the US Securities and Exchange Commission (SEC) imposed two initial coin offering (ICO) firms, Paragon and Airfox, to register their tokens as securities and compensate investors who took part in the ICOs.
Justin Litchfield, CTO at ProChain Capital, was cited by Bloomberg as saying:
“The selloff is related to enforcement, which is almost certainly underway. Projects are...
This article appeared first on Cryptovest