RATE Group | Bitcoin Price Struggles After Blockchain Week, Possible New Regulatory Pressure
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Bitcoin Price Struggles After Blockchain Week, Possible New Regulatory Pressure

22 May Bitcoin Price Struggles After Blockchain Week, Possible New Regulatory Pressure

Posted at 22:45h in Bitcoin News by

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Cryptocurrencies continue to slow down today as all major coins are in the red on Tuesday. Bitcoin (BTC) is struggling for gains above $8,500 following concerns over increased regulation according to Naeem Aslam, chief market analyst at Think Markets:

“The recent selloff has come from the news out of China that the ICO [initial coin offering] market is still very active and there are fears that China will further increase the strict regulation.”

COIN360

In a report issued by China’s Ministry of Industry and Information Technology, the government reiterated its position against “certain risks that cannot be ignored” in regards to ICOs, pyramid schemes, and fraudulent behavior. The report compares the current climate to the early days of the internet, advising the public against “excessive speculation” and “false propaganda.”

In addition to regulatory fears, hype surrounding a possible rally following Blockchain Week and the Consensus conference in New York was proven to be a…

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