Yesterday, on March,9, Bitcoin’s price decreased until $9,000, falling to $8,539, according to some reports. At press time, BTC is trading at an average of $8,809, down 9% on the day.
Following hitting a weekly high of $11,675 on March 5, Bitcoin started falling, losing approximately 27% to today’s lows. To compare with yesterday’s downturn of 4-6% drops across top cryptocurrencies, today losses among top-10 altcoins reached up to 16%.
Total market capitalization for all cryptocurrencies hit a monthly low of $344 bln yesterday, currently at $388 bln.
Among the top 10 altcoins in the red, NEO has lost around 34% of its value in a week. Worth about $130 on March 2, NEO is now trading at about $86.
Ethereum (ETH) also hit a monthly low today, dropping under $700 for the first time since Feb. 6. The top altcoin is trading at $686, down nearly 6% to press time.
Probably, the market downturn is partially caused by the March 7 statement from the US Securities and Exchange Commission (SEC) that all cryptocurrency exchanges trading securities are required to register with the commission.
Stress on the cryptocurrency market was also increased by the ‘Punishment Notices’ for 7 cryptocurrency exchanges issued by the Japanese Financial Services Agency (FSA) on March 8.
According to some data, a number of reports concluded that the current cryptocurrency decline since late December is a result of a $400 mln sell-off between December and February by the lawyer and bankruptcy trustee of Mt.Gox, previously the biggest Bitcoin exchange in the world, before it went insolvent in 2014, following a major hack.