Bitcoin Drops, On Track for Largest Monthly Decline in Four Years
Investing.com – The price of digital currency bitcoin fell on Wednesday in the last trading day of the month and was on track for the largest monthly percentage decline since December 2013 amid growing fears over regulatory scrutiny.
Bitcoin was trading at $10,215 by 04:01 AM ET (09:01 AM GMT) on the Bitfinex exchange. Prices are down around 25% so far this month, the worst monthly performance since December 2013.
Bitcoin prices came under renewed selling pressure on Thursday following reports that the U.S. Commodity Futures Trading Commission sent subpoenas on Dec. 6 to cryptocurrency exchange Bitfinex and Tether.
Tether is a company that issues a widely traded coin, which its claims is backed by U.S. dollars held in reserve, but has never provided any evidence to confirm this.
Meanwhile, Facebook said Tuesday that it will ban advertisements that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices,” including cryptocurrencies.
Cryptocurrencies are still reeling after hackers stole $530 million worth of virtual coins from Tokyo-based cryptocurrency exchange Coincheck last week, in one of the biggest-ever thefts of digital money.
Bank of Japan Governor Haruhiko Kuroda said on Wednesday companies offering cryptocurrency services must have ample security steps in place.
Japan’s financial regulator has said that it will inspect all cryptocurrency exchanges in the wake of the hack and ordered Coincheck to improve its standards.