Cryptocurrency Trading News: New York Regulations Weaken Market

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ForexMinute.com – After showing an impressive surge ahead of weekend, cryptocurrency market has started this week on a disappointing note. With six-out-of-ten top coins dipping notably in the last 24 hours, today’s trading hours have been somewhat poor.

A lot of credit of such blunder performances however goes to the recently proposed regulations in New York State. “BitLicence”, proposed by New York’s ignorant bureaucrats, is a system which currently seems like a horror story to every Bitcoin business in New York. The laws it imposes on the poor Bitcoin related companies seem far from practicality. Some of such mandatory rulings include keeping the tabs on identities and real world addresses of the customers.

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News is that if this law comes into effect, then it would surely cause a panic inside the cryptocurrency market. Though, businesses still have time to eradicate clauses they think won’t fit the Bitcoin world. On the other hand, experts think that such regulations will further help Bitcoin to come before a mainstream audience, let alone it will save Bitcoiners from another Mt. Gox. We will keep your reported on this, from both perceptions.

Meanwhile here is the report of last 24 hours:

BTC/USD
The BTC/USD opened yesterday at around $627 after having a sweet hangover of Dell’s announcement. Though, it rapidly dropped in the next few hours probably because of the aforementioned regulations. Since then the pair is seeing yet another downtrend. It closed yesterday at around $622.

The BTC/USD although found some stability in today’s trading hours. At press time, it is being traded at $620 and has dropped over 0.5% in last 24 hours.

LTC/BTC
Litecoin recently came in the news when its developer Charlie Lee re-proposed Dogecoin developers to merge with them, saying that Dogecoin will vanish soon because of its dropping hashrate. This event seems to have impacted both Litecoin and Dogecoin.

Our analogy proves to be true when one sees a sudden drop in yesterday’s trading hours. The LTC/BTC opened at around 0.01370210 BTC but fell aggressively to 0.01352210 BTC. There seems a huge sell-off because the coin never recovered after the fall and traded almost at the same value for the rest of the day. It closed at around 0.01357980 BTC.

The LTC/BTC has further fallen in today’s trading hours, but recovered quickly after faking a debacle. At press time, the pair has increased 1.22% in the last 24 hours and is currently trading at 0.01380165 BTC.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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