Japanese Crypto Situation | Crypto Value Tumbles | India Isn’t Liking Cryptos

Last week, in the last week of January, 2018, crypto exchange Coincheck lsat control of $530 million worth of XEM, cryptocurrency exchange market symbol for NEM.

NEM was created by the NEM Foundation, an organization that’s based in Singapore, South Korea. One of the members of the organization, Takao Asayama, reported while he was in Tokyo that the NEM Foundation is doing its best to work with other cryptocurrency exchanges to prevent any more cybercriminals from committing further fraud to wrongfully gain control of further NEM.

Japanese government officials stated that they would investigate all cryptocurrency exchanges, not just Coincheck, to see if other entities offer security gaps to opportunistic thieves and determined, serial criminals.

Bitcoin Price Drops Even Further Than Thought Before

At the starting of 2017, the price of Bitcoin in United States Dollars was just under $1,000. During the last quarter of 2017, Bitcoin’s price started to skyrocket, along with that of virtually every other cryptocurrency on the market.

Unfortunately for investors that have investments in cryptocurrencies, as well as fans of the crypto world, Bitcoin’s price has dropped to slightly more than $8,000, at $8,177.30, at least that was the price as of the early morning hours of Friday, February 2nd, 2018.

The Market Cap Of Of All Cryptocurrencies Has Decreased, Too

As of 6:30 a.m. Eastern Time on Friday, February 2nd, the value of the total market capitalization of cryptocurrencies was $382,310,586, 731, according to CoinMarketCap.

In the past 24 hours, the entire world’s cryptocurrency supply lost about one-fifth of its value in United States Dollars, dropping from about $485 billion in value to just $382 billion.

India Isn’t Helping The Cause Of Cryptocurrencies

Across the past few months, the governments of various countries all around the world have either hinted at or actually went through with creating and enforcing regulations related to various cryptocurrencies themselves and exchanges that trade standard fiat currency.

Such regulation, whether it was enacted or not, increases speculation and decreases cryptocurrency security. Both of these happenings are just two of the main reasons why the price of Bitcoin n company are down so much right now.

India recently announced that cryptocurrencies would not be recognized as legal tender, causing demand for the digital current to prop slightly more than it already had. Bitcoin closes at a price right above just $8,000 dollars.

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Dil Bole Oberoi