Bitcoin Drags Other Cryptos Down In Dip

By PYMNTS

With bitcoin falling, cryptocurrency prices in general were in the red on Monday (July 19), a report from The Street says.

Bitcoin was down 2.9 percent the last time the report checked, with its price sitting at $30,768. Ethereum was at $1,825, down 4.4 percent, and Dogecoin was down 5.4 percent, sitting at 17 cents.

CryptoQuant, a crypto-analysis Twitter account, found that bitcoin’s net outflow transactions now surpassed 60,000, the first time that’s happened in a year. Deposits to exchange wallets, meanwhile, were below 20,000.

The crypto landscape has seen some shifts lately. Binance, the popular crypto exchange, has been booted out of several countries over concerns about the way it regulated its site, and China has been enacting new rules on cryptocurrency companies. And Malaysian authorities recently destroyed bitcoin mining equipment which had been valued at $1.2 million. They’d been seized for operating illegally.

“While Chinese crypto miners and exchanges are desperately relocating, international exchanges like Binance are discovering that failure to anticipate regulatory oversight could be fatal to their long-term survival,” said David Lesperance, managing partner of Lesperance & Associates. “We can look at a similar situation from the mid 2000s … the online gaming industry.”

The Chinese government has been pushing hard to oppose cryptocurrencies, with a recent PYMNTS report finding that the country’s continuing brakes on mining operations coincided with bitcoin dropping in price to $32,288 in late June.

“Crackdowns on Chinese miners might mean that they are offloading coin into a thin market and taking us lower,” said Ben Sebley of London-based crypto firm BCB Group, per Reuters, according to PYMNTS.

In late June, the popular cryptocurrency fell by over a fifth since its April high point of around $65,000.

by