US Crackdowns, Bitcoin And Crypto Market Drops
Posted 19,April

By Chaveendra Dunuwille

In Local News

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The crypto currency markets of Bitcoin, Ethereum & Litecoin are experiencing  significant drops as the US government has expressed its intentions on cracking  down of trades 

Crypto currencies such as Bitcoin and Ethereum received a boost in popularity  when well- known investors and financial institutes put their weight behind the  virtual currency. A major boost in popularity was received when PayPal allowed  for its customers the ability to hold crypto currency.  

Bitcoin experienced a massive sell- off of 15% following the announcement of the  US Treasury on its plans to tackle financial institutions regarding money  laundering through digital assets. This is considered the biggest drop in value of  the currency since February.  

The move by the US government is the latest of a series of initiatives taken by  governments all across the world to regulate the digital market. The Central  Bank of Turkey banned the use of crypto currencies and digital assets citing the  absence of a proper regulatory framework as the cause. The move by Turkey  caused a 4% drop in Bitcoin value.  

Bitcoin operated 12% lower at $ 54900 shedding over $8000. By Sunday 6pm it  had regained some of its losses operating at rate 9% lower valued at $55409. The  announcement saw a record number of liquidations resulting in more than 1  million positions being wiped from the bitcoin.  

Ethereum and Litecoin demonstrated a similar drop in value with Etereum  suffering a 17% loss before paring losses, now operating at a 13% low valued at  $2132. Litecoin suffered a significant drop of 24% operating at a value of $252.