Bitcoin Price Drops to Its Lowest Point On Friday Since February




Bitcoin

Bitcoin prices fell up to 9 percent on Friday after Japan's financial regulator ordered several cryptocurrency exchanges to improve their practices against money laundering.

The Internet currency fell to $6.064, as at the time of this post breaking below $6,400 for the first time in about a week and reaching its lowest level since February according to CoinDesk.

The order from Japan's Financial Services Agency led bitFlye- the country's largest crypto exchange to suspend the creation of new accounts while it makes improvements, especially in its measures to stop money laundering and terrorist financing.

"Our management and all employees are united in our understanding how serious these issues are, as well as how serious we are in responding to them going forward," bitFlyer said in a statement on website.

"In order to maximize our efforts towards building a suitable service and improving on the issues identified, we have temporarily suspended account creation for new customers of our own volition," bitFlyer said

The agency gave the same order to five other exchange after finding weaknesses in their control against money laundering.

Other cryptocurrencies are following suit as bitcoin continues to flirt with support levels, as shown in data published by OnChainFX.

For example, Litecoin the sixth largest cryptocurrency by market cap - hit its lowest level in 7 months on Friday. The price of ether currently at about $479, roughly to percent from its all-time high in December 2017.

As it stands, the overall cryptocurrency market cap is $259 billion, down from its high of $813 billion, according to CoinMarketCap.


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