Cryptocurrency & Blockchain Business

Bitcoin dropped almost 6%, India, Ireland, South Korea and Japan, too much to handle

In just two weeks two major hacks took place in South Korean exchanges, Coinrail and Bithumb, and yet the cryptocurrency markets seemed to be generally holding up with volatility squeezed on a tight range over this period.

But news kept on coming, and the pressure was just too much to hold it all.

Indian Zebpay announces that banks are about to cut them off from banking services, and everyone starts selling cryptos like crazy.

Zebpay’s announcement was hardly surprising as the Reserve Bank of India issued the corresponding directive back in April, ordering banks to stop dealing with digital assets and companies operating in the crypto universe. However, the market reaction was fierce: Bitcoin and Ethereum experience flash crash on Indian exchange and resumed the sell-off during Asian hours on Friday, when the news hit the broader market. 

Another reason behind the sharp negative reaction came from Ireland. where a Bitcoin broker Eircoin accused Banking and Payments Federation of Ireland of discriminating against the accounts of crypto-related companies. Eircoin’s co-founder Dave Fleming claims that the company was closed “due to a negligent and defensive banking system” on false and ungrounded accusations of illegal activities. 

Today Japan’s FSA ordered bitFlyer, Inc. and five other cryptocurrency exchange operators to improve internal controls to combat money laundering.

In its third action against multiple cryptocurrency exchange operators, the agency aims to make the industry healthier. Others targets of the agency’s order are Quione, Bitbank Inc., BITpoint Japan Co., BtcBox Co. and Tech Bureau Corp.

As negative news is piling up with little positive developments to mitigate the consequences, all major cryptocurrencies are falling down fiercely, with the sell-off intensified by technical factors.

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