Bitcoin Is Dropping Again. This Time, Look to Japan

It’s Bitcoin drop time again, kids. This time it’s down 7% against the dollar—while rivals Ethereum and Ripple are down 5.5% and 12% respectively. Bitcoin is currently trading at $10,570.

The cause seems clear: Coincheck, one of Japan’s largest bitcoin exchanges, has abruptly stopped letting customers withdraw their money and halted Bitcoin trading. It’s also frozen trading in the NEM cryptocurrency, which is as a result down 16.5%.

The Tokyo-based exchange announced its moves in a blog post without explaining its reasons.

According to Bloomberg, Coincheck does not have a license from the Japanese financial regulator, but is nonetheless one of the country’s most popular cryptocurrency exchanges.

Meanwhile, if that wasn’t enough to make cryptocurrency investors nervous, the U.S…

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