Cryptocurrencies plunge again as regulators clamp down

Cryptocurrencies plunge again as regulators clamp down

Bitcoin dropped to below $8,000 on Friday, reflecting a plunge of almost 60 percent from its record high of more than $19,000 in December. The crytpocurrency’s steep decline comes as regulators from the Securities & Exchange Commission and the Commodity Futures Trading Commission (CFTC) are scheduled to testify Monday before the Senate Banking Committee. Regulators in countries including South Korea and India have cracked down on the cryptocurrency market over concerns about fraud and volatility, among other issues. Financial regulations were developed at a time when few could have imagined the development of an asset class like bitcoin and […]

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