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Bitcoin falls to its lowest level in 14 months regarding regulatory issues

The bitcoin fell again on Monday morning after a rocky weekend that saw it collapse on Sunday at the lowest level since September 2017.

The cryptocurrency dropped 0.5% to $ 3.905 on Monday, after falling below $ 4,000 on Saturday and continued to slide over the rest of the weekend.

The fall comes on the heels of a vast sell-off of cryptocurrencies triggered by disagreements within the coin developer community and persistent regulatory control concerns.

Last fall brings the loss of bitcoins for the solar year up to 72 percent.

The responses within the crypto community were mixed: by writing on the Reddit online forum, one user expressed enthusiasm at the lowest price, saying it was good news for potential investors and enthusiasts who were looking to buy more: "Last year I could only dream of owning a bitcoin, now is it possible? …?.?.?? I want to see this thing go so low that I can afford to buy 20."

Another was more pessimistic: "I would be [excited] if I had money to buy with … I need a sales season, not a buying season. "

A user seemed to have more conflicting feelings: " [Bitcoin’s] the price has stopped falling like a rock, but I'm worried that there is not enough volume of incoming purchases to call a fund, "said the user." From the bulls, let's do another bit of money before destroying this useless experiment. "

frustrations

A commonly discussed topic within the community is regulation. On Monday, several users expressed their frustration at the fact that they were prevented from collecting their cryptographic holdings as they were unable to respond to banks' anti-money laundering claims about the origin of the coins.

"I lost track of my historical purchase (bitcoin pre-2014) and I also did a somersault between coins using the change of form," said one, adding that it was said that their bank account would be frozen "if I tried to cash in large sums".

Another echoed this concern: "I have also moved my coins a lot to claim the launches and trade and now it is almost impossible to prove where they come from."

One solution is legitimate buying, the first one said. "Now the price is low, I'm going to buy, but this time it will be legitimate, buying through Coinbase," they said. "I will keep all records and if the price goes back to the roof, I should be able to cash in and pay my taxes without problems."

But another user claimed that regulation was a vote of confidence in cryptography rather than the source of problems: "Acceptance of regulations seems safe, we could not have dreamed about these things about a year ago."

– Copyright The Financial Times Limited 2018

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