Cryptocurrency Market Suffers Ongoing Decline, Analysts Weigh Causes

The market is undergoing continuous decline today after the overall market cap dropped $16 billion in 24 hours.

Bitcoin is down 8 percent and dropped from $6,700 earlier today now trading at under $6,200 with $6,000 being considered an important line of support.

Meanwhile, Ethereum is down 10 percent and EOS is down over 15 percent. Litecoin has hit a 7 month low of $75, dropping 11 percent.

Market analysts and pundits have offered a variety of views on the subject, with the possibility that news from Japan has influenced the decline. Japan’s Financial Service Agency issued 6 exchanges with business improvement orders after conducting on-site inspections.

The national regulator is seen as cracking down on the exchanges by many after declaring that the exchanges needed to improve KYC regulations and work towards reducing risk. Major exchange bitFlyer responded by voluntarily announcing that they would no longer be accepting new customers pending review of their operational practices. bitFlyer will also be reviewing current identifications of existing users as part of the anti-money laundering measures.

Ryan Rabaglia, head trader of crypto-firm Octagon Strategy Limited, said:

“The market is still trading on low volumes and has yet to break out of its current downtrend, leaving itself susceptible to sell-offs. Although the market reacted negatively, I view this as a positive for the industry as a whole.”

On Monday, Blue Line Futures president Bill Baruch said that Bitcoin’s decreased volatility signaled that selling may finally be exhausted and may be bottoming out at around $6,000…

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