Cryptocurrency price plunge prompts calls for regulatory moves to stabilise exchanges – …

Herbert Sim, Chief Commercial Officer at Cryptology

After briefly appearing to rally the price of a single bitcoin, BTCUSD, went down -3.16. And this is the world’s largest cryptocurrency, which then did a sudden U-turn, plunging to a fresh 13-month low below $4,100, down nearly 15% on the Kraken crypto exchange.

Bitcoin traded to a new low of $4,067.10, its lowest level since Sept. 27, 2017. The total value of all cryptocurrencies has also slumped to a more than one-year low – beneath $150 billion, according to data provided by CoinMarketCap.

Herbert Sim, Chief Commercial Officer at Cryptology, a cryptocurrency exchange based in Singapore told IBS Intelligence: ‘Bittcoin’s latest plunge is evidence of the need for greater regulatory oversight to give a boost to investor confidence. There is already a huge amount of capital tied up in cryptocurrencies, in excess of $100 billion, so why allow it to continue being a rogue market?

“In order for the space to move forward and…