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Bitcoin Price Broke Down Past Critical Support Level Regulators Continue to Contemplate in Creating Regulatory Clarity

The price of the Bitcoin has fallen below $6,800 in many exchanges.  Several other Altcoins which follow the bandwagon pattern are falling along with Bitcoin, and the trend gets dull not only for Bitcoin but also for others.

Traders see an inverted head and shoulders pattern, and this is indeed a bullish sign.  The price increased briefly for some time, however, and now it is moving back towards the south.  Eventually, the overall cryptocurrency market is beginning to trend downwards.  Ethereum is down by 9% at $130.  The token is getting dangerously near $0.20 mark.  Litecoin and EOS are hit the worse, and both of them are facing losses at 10%.

Early in June, several Chinese authorities arrested several suspects concerning the pyramid scheme.  The scheme provided for a return of 600% in guarantee, further stating that the investors will be greatly rewarded if they invite new members.  It was a “$2 billion PlusToken scandal dump “and, this is considered to be one of the reasons for the decline in Bitcoin price.

Kim Grauer stated, “That’s certainly something to consider when you are thinking about where the price is going, at least in the short term.”

Criminals are taking advantage of the anonymous nature of these accounts.  Most of these transactions were carried out through mixers like Wasabi Wallet.  The shuffling was such that it was not possible to identify the users at all.

Several over-the-counter trading desks have been directly dealing with individuals to launder the money via exchanges that are located outside the exchanges.  They have been helping in the process of laundering the proceeds and cycling the coins via exchanges like Huobi.

Events apart, Bitcoin has already broken down past the psychologically important level at $7,000.  While all this has been happening, one of the prominent figures in India’s parliament Dr. Subramanian Swamy, stated that “cryptocurrency is inevitable.”

The governor of the Reserve Bank of India in the past week stated, “I advocate that India as an established superpower in software should accept to make the transition to cryptocurrency.”

The cryptocurrency is likely to be discussed in the UN India’s headquarters on December 18, 2019, and Dr. Swamy will chair the conference.

In the US, the New York State Department of Financial Services (DFS) has proposed newer Bit license rules, which will streamline the requirements for the licensees who are seeking to list newer coins.  This is the first of its kind regulation in over five years.  The Department of Financial Services is proposing to create a pre-approved list of coins for all the licensees to list them without having to get approval.

 

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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