Techlash Crushes Cryptos – Bitcoin Tumbles 50% In Q1, Back Below $8k

Thursday, March 29, 2018
By Paul Martin

by Tyler Durden
Thu, 03/29/2018

Bitcoin has tumbled overnight, back below $8,000, and is now down 48% year-to-date, as cryptocurrencies have accelerated lower this week amid the carnage in tech stocks.

And the overnight weakness is most interesting considering the PBOC appeared to ease back away from its blanket bans on cryptos somewhat. Bloomberg reports that the Chinese central bank will promote digital currency research and development, Deputy Governor Fan Yifei said at a national currency, gold and silver work conference, according to a statement on PBOC website.

Overnight also saw two Japanese crypto exchanges choose shutdown as opposed to regulatory compliance. As CoinTelegraph reports, Japan’s financial services regulator continues to reshape the country’s cryptocurrency exchange industry as two operators announce they are closing, local source Nikkei states March 28.

Two Japanese exchanges, Mr. Exchange and Tokyo GateWay, will cease trading once they have returned customer funds, according to Nikkei.

The news comes as financial regulator, the Financial Services Authority (FSA) challenges exchanges to prove their security credentials in the wake of Coincheck’s $530 mln hack in January.

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