Bitcoin and major altcoins were going down this Friday with many coins dropping as much as 10%, wiping billions off the market cap of cryptocurrencies overnight.
Bitcoin [BTC] has been falling rapidly in the previous couple of hours, it’s now experiencing the strain of the bearish market more than it did this past year.
The BTC graph for the last week has been holding strong to sell-offs from the Japanese, Korean and Indian Exchanges amid troubling news. But, on Friday, it couldn’t hold the fort much longer as the price went on a nosedive and went below $6,000 at one point.
Bitcoin, the leading cryptocurrency with the largest market cap, is trading back in multimonth lows as continuing exchange defects are still undermining the integrity of the marketplace. The overnight news that Japan’s financial watchdog has struck six exchanges with orders to improve company follows two trade hacks in the past eleven times, that saw $70 million of cryptocurrency seized. The news of India’s largest crypto exchange warning users that it may lose the support of government and private banks couldn’t have come at a worse time. BTC’s market capitalization has also dipped, falling to $102 billion — its lowest of the year.