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The recovery is over, the Bitcoin exchange rate falls below 9,000 dollars. The blame lies with the harsh actions of the supervisors. There is a threat of a global wave of regulation.

The decline of the Bitcoin continues

The Cyprus currency fell by around 13 percent to 8,513 dollars on Friday. This brings the minus since the beginning of the week to around 25 percent. Other crypto currencies also dropped significantly.

According to data from the analysis company Coinmarketcap, which compares prices on numerous stock exchanges, the second largest crypto currency, Ethereum, fell by more than 13 percent on Friday noon, with Ripple down over 12 percent, Bitcoin Cash just under 14 percent and Litecoin just under 12 percent. Against the backdrop of the continuing decline in Bitcoin’s share price, the shares of the Bitcoin Group, the operator of the only German Bitcoin stock exchange, also fell by a good ten percent in the meantime.

Why the Bitcoin future in Argentina could decide

For crypto-investors, the price decline is coming at an inopportune time on a broad front: the Bitcoin price had just stabilised at 10,000 dollars, after falling to its annual low of 6,227 dollars at the beginning of February. By mid-December, the price had reached a record high of 20,000 dollars, but had then fallen steadily in many countries as a result of the action taken by supervisors.

There is currently another threat of concerted action by the regulators. The growing pressure from stock market regulators in Japan and the USA is unsettling investors, said analyst Timo Emden of Emden Research. “So far it is not clear to what extent the regulatory authorities will take action and possibly withdraw more ‘black sheep’ from circulation.

Japanese financial supervisors ordered two trading venues to shut down for a month on Thursday. Other stock exchanges imposed fines on them. At five stock exchanges they ordered computer systems to be upgraded in order to better protect customers. They also called on the large crypto exchange Coincheck to step up its action against money laundering.

In addition, the US Securities and Exchange Commission (SEC) is keeping crypto exchanges on a tight leash. These “potentially illegal” trading platforms suggested a false sense of security to their customers. In order to protect investors and avoid fraud and manipulation, crypto exchanges would have to register with the SEC or obtain an exemption under certain circumstances in the future, it was said on Wednesday. Initial coin offerings (ICOs) in particular are likely to fall under this category. In these so-called digital IPOs, companies collect money from investors who usually pay in crypto currencies.

Furthermore, the Hong Kong trading platform Binance had to temporarily suspend trading due to a hacker attack. On Friday, China’s central bank chairman Zhou Xiaochuan warned of the dangers of speculation with crypto currencies. However, he said, the extent to which the technology behind it could be used was being examined.

Bitcoin, Ethereum & Co.: Crypto currency exchanges rake in billions of dollars

Investors are also worried about the meeting of G20 finance ministers and central bank governors in Buenos Aires in ten days’ time. French Finance Minister Bruno Le Maire and his German counterpart Peter Altmaier (CDU) had already agreed in January to submit regulatory proposals there.

In a joint letter to the Argentine G20 presidency, the two ministers put four central points of discussion on the agenda: According to this, the tokens issued within the framework of ICOs are to be defined and the consequences of virtual IPOs for financial market stability examined. In addition, the G20 framework should provide better protection for private investors and strengthen the fight against money laundering and terrorist financing through virtual currencies.

Depending on the concrete outcome of the discussion, it could hit the crypto industry hard, resulting in a further drop in share prices. Within the framework of the G20 group of the most important industrial and emerging countries, a globally concerted action against the entry points of the crypto network – i.e. the stock exchanges and mining pools – would be possible for the first time. Buenos Aires is home to all of the industry’s key locations: in addition to the European Union, the USA, China, Japan, South Korea, but also Russia, Canada and other countries.

If, on the other hand, the G20 members agree on a moderate approach on 19 and 20 March, share prices could rise sharply again.