Friday, March 9, 2018

Bitcoin price falls over 22% into the $8000 handle as fears of strong government regulation leads to big selloffs

Just a week ago Bitcoin was looking like it was hedged to move back up towards its all-time high as it nearly crossed back over the $12,000 level for the first time in over a month.  However this momentum was quickly shattered by news from both the SEC and a U.S. Federal court that validated that Big Brother is very much interested in regulating the industry.

And because of this double barrel news on Thursday, Bitcoin instead has fallen below $9000 to its current price of $8720, and a full 22% decline for the week.

Bitcoin fell below $9,000 during Friday afternoon Asia trade, extending losses seen earlier in the week when it dropped below the key $10,000 level.
The cryptocurrency fell as low as $8,370.80, down 24 percent for the week, according to CoinDesk's bitcoin price index. Bitcoin recovered to near $8,995 as of 8:02 a.m., ET.
That's still a loss of about $2,000 for the week. Bitcoin failed to break above a key level near $12,000 on Monday that technical analysts were watching after a slew of negative headlines hit the cryptocurrency market this week. - CNBC
In addition to this regulatory outlook for Bitcoin here in the U.S. having its affect on the Bitcoin price, another shock came when a major 'whale' (trader) announced he had been selling over $400 million worth of the cryptocurrency over the past few months.


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