Bitcoin is slumping back down toward $10,000

After paring much of last week’s heavy losses on Friday, the world’s largest cryptocurrency lost another 8% on Monday, bottoming out at $10,479 per token.

Bitcoin has lost 17.52% of its value — or roughly $59.27 billion in market cap — since January 15.

Last week, all cryptocurrencies were walloped in what’s been called a bloodbath. Fears of clampdowns on mining and exchanges in South Korea, China, and Russia sent values plummeting and major operators looking to set up shop elsewhere.

On Friday, the Securities and Exchange Commission and Commodities Futures Trading Commission released a joint statement emphasizing their commitment to take action against fraud in both cryptocurrencies and the initial coin offering market.

“When market participants engage in fraud under the guise of offering digital instruments – whether characterized as virtual currencies, coins, tokens, or the like – the SEC and the CFTC will look beyond form, examine the substance of the activity and prosecute violations of the federal securities and commodities laws,” it said…

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