Bitcoin prices recovered on Monday after dipping as low as $5,787 on Sunday, marking its lowest price so far in 2018 as Japan’s regulator called for improved measures at all local exchanges.
Bitcoin fell to as low as $5,787 on Sunday, which represented more than 70% decline in value compared to its December high just short of $20,000.
The fall in prices followed news that Japan’s Financial Services Agency (FSA) hit six local crypto exchanges with business-improvement orders.
The market is still trading on low volumes and has yet to break out of its current downtrend, leaving itself susceptible to sell-offs,” said Ryan Rabaglia, head trader with cryptocurrency dealing firm Octagon Strategy Ltd. in Hong Kong, in an email. “Although the market reacted negatively, I view this as a positive for the industry as a whole
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