Most cryptocurrencies have seen major selloffs this week thanks to re-ignited fears of regulation. indian ripple early Friday morning, it’s lowest levels since December.
Other cryptocurrencies are registering similarly steep declines. Neil Wilson, a senior market analyst with ETX Capital, says in an email: “The wheels are coming off the bitcoin bandwagon. The regulatory crunch appears closer than ever and sooner or later this market could be headed back down to earth. Selling pressure at the moment is intense as there has been nothing but bad news for bitcoin bulls of late. This week began with news that major exchange Bitfinex and associated cryptocurrency company Tether had been hit with subpoenas from the US Commodities Futures Tading Commission back in December, and made worse when India’s finance minister spoke out against cryptocurrencies’ use.