Cryptocurrency Market Update – Why Down?: Bitcoin (BTC) and Ethereum (ETH) Prices Drop Following Tax and Regulatory Confusion in South Korea and Japan
The leading cryptocurrency in the market, Bitcoin and its second, Ethereum, have both started trading in red losing about 10% of recent gains. The fall in price is the markets reaction to the news about regulatory movements in Asia.
The regulatory bodies in Japan have cracked down on the cryptocurrency industry issuing a business improvement order on the six largest crypto exchanges in Japan. By the order, QUOINE, BitFlyer, BTC Box, Bit Point, Bit Bank, and Tech Bureau, will be required to make improvements on their AML and internal auditing practices.