Listed are the primary reasons behind heavy falling of Bitcoin prices today (when I am writing this!):
Banning of Cryptocurrency based advertisement on Facebook:
Recently, an announcement was made by Facebook prohibiting the advertisements involving cryptocurrencies. The major focus however was on ICOs because of several big cases of scams have been registered in the previous year. Thousands of FAKE ICOs were hyped and heavily advertised on Facebook to attract investors and people have lost huge money because of it.
Statements made by the finance minister of India:
The Finance minister of India made a statement mentioning taking of all possible measures in eradication of assets people are holding in crypto as a part of the system of finance. His statement was misunderstood as banning of cryptocurrency in India and that incorrect knowledge has affected the decision of crypto-holders.
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Crypto Suppression in the US:
The U.S. Securities and Exchange Commission has begun now scrutinization of the ICOs. Certain ICOs which come under the suspicious list of the SEC have also been stopped from the launch by this Federal agency. Due to this, market of ICOs is under regulation and the protocols on it are showing a rising gradient. Hence, this is indirectly responsible for the fall of Bitcoin prices.
Abolition in South Korea:
The significant reason behind the heavy crackdown of crypto in the South Korea is that most of the crypto investors across the globe are either living or settled in South Korea. Despite having less population of the country, the count of investors is considerably big. Before permitting any user to do trading, the Bitcoin & other cryptocurrency exchanges have to mandatorily do collection & verification of the documents of the users.
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Source: http://techcryptoguru.com/why-bitcoin-is-falling-today/
