Bitcoin Sheds $1,000 In One Hour As Regulators Issue Negative Warnings on Crypto

Bitcoin Sheds $1,000 In One Hour As Regulators Issue Negative Warnings on Crypto

Earlier today, the flagship cryptocurrency managed to reach above the $52,000 level but then reversed and went down to $51,000, losing 2.44 percent and around $1,000 in a single hour.

Prior to this the media published warnings of UK and US regulators that were negative for crypto assets and crypto-related businesses.

The chairman of the UK’s FCA Charles Randell announced that in order to prevent possible harm to investors from promotion of volatile crypto assets – Bitcoin, etc, the regulator will not grant a license to companies that are unable to explain the basics of their work, e.g. who is responsible for key functions of the business, etc.

Also, media has reported that the US SEC agency issued a warning against cryptocurrency scams that are targeted at retail investors. These scams are becoming more popular and push retail investors into “devastating losses”. However, this scam alert was published on September 1.

At the time of writing, Bitcoin has recovered to $51,400 on the Kraken exchange.

Source