Yesterday, Wednesday 5/23/2018 bitcoin had dropped 8.7 percent approximately and is now back below $8,000, $7,512.43 to be exact according to Coindesk. April was the last time we have seen Bitcoin at a level this low.On Wednesday following a series of New York conferences,Investors were scrambling to make what they could in a massive sell off of all of the largest cryptocurrencies.
Some blame this on certain state regulators in the U.S. and Canada shutting down certain cryptocurrency investment schemes on monday.
Even though Fundstrat analysts expected that bitcoin would rally up to 69%,caused by this week of sell off's yet bitcoin fell about 13% since the conferences began.
The North American Securities Administrators Association are at the forefront of what is being called "Operation Crypto Sweep," resulting in approximately 70 investigations that 40 state and provincial watchdogs are taking part in.
Brian Kelly,the CEO of BKCM ( a digital currency investment firm) had this to say."This cleaned out a lot of the bad projects,That has people a little concerned, and is a short-term hit to sentiment."Kelly also stated "The projects that were shut down appear to be junk, they had a real reason to shut them down,".
Bitcoin has lost almost 40% of its value this year, after rising 1,300% coming close to $20,000 in 2017.
But it is not just bitcoin that took a hit. XRP is down 11% and Ethereum is down 13%
