The global cryptocurrency sell-off is continuing on the prospect of regulatory crackdowns as investors look to determine how deep the desire of regulators is to tighten up on the likes of bitcoin.
China is clamping down on bitcoin mining operations due to environmental concerns, while South Korea’s finance minister says the government definitely considering banning crypto trading due to worries over irrational speculation.
Steven Maijoor, chairman of the European Securities and Markets Authority, told Bloomberg TV that investors should be prepared to lose all their money in bitcoin. “It has an extremely volatile value, which undermines its use as a currency,” he said. “It’s also not broadly accepted.”