Prices of Cryptocurrencies Sink Again On Hacking, Regulation Concerns

Jun 27, 2018 at 22:59

The cryptocurrency market resumed another deep plunge on Wednesday as negative developments such as tougher regulations and hacking incidents hound the sector.

Most of the cryptocurrencies are in the red, particularly the top 10 tokens monitored by CoinMarketCap.

After bottoming out for the year just a couple of days ago, the legacy Bitcoin hovered above the the $6,000-level. It traded at $6,131.78, down 1.35 percent, as of this writing.

Meanwhile, the other top five coins, Ethereum was trading at $440.82 ( down 2.09 percent), Ripple at $0.466544 (down 2.58 percent); Bitcoin Cash at $715.23 (down 3.99 percent) and EOS at $7.75 (down 3.88 percent).

In a report by the Daily Express, the market was stunned by news that the Department of Justice (DOJ) seized over $20 billion worth of Bitcoins from illegal vendors on the Darknet.

The Bitcoin’s drop was also triggered by recent comments from Alibaba’s chairman Jack Ma, saying the leading crypto is a bubble and investors should avoid it.

Japan has also recently experienced hacking incidents and implemented stronger regulatory oversight, which raised concerns over possible shutdowns of exchanges.

The report also cited the statement of the head of payments policy Australia’s Reserve Bank saying the strengths of cryptocurrencies are the very same weakness of the digital tokens.