Cryptocurrency rally cools off as tighter regulations loom, leaving bitcoin heading for its biggest monthly drop since November 2018
cryptocurrenciesincluding bitcoinand etherfell by around 5% in the 24 hours to Thursday.
- Bitcoin has lost over 30% this month and is headed for its biggest monthly loss since November 2018.
- Watchdogs and governments have been indicating that tighter regulation could be imminent.
The recovery in the cryptocurrency market ran out of steam on Thursday, with traders cashing in on the rally that began earlier this week, as regulators and governments honed in on the sector, with Iran implementing a temporary ban on mining for
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Smaller coins followed suit as binance's BNB token was down 5.3%,
Most recently, Iran had banned crypto mining for the upcoming summer months over fears of electricity shortages. Several blackouts had occurred in recent weeks as the country's electricity network became overloaded.China has been leading the crackdown on crypto mining and trading, which caused several crypto firms to halt operations in the region earlier this week. In the US, SEC Chairman Gary Gensler reiterated the authority would be prepared to fight bad actors in the crypto industry. Security and environmental concerns as well as investor protection have been cited as reasons for the increased regulatory attention. Environmental concerns also caused Elon Musk's Tesla to halt bitcoin payments this month after pioneering the use of cryptocurrencies as a form of payment for goods and services.
Despite these headwinds, the crypto market may be on the road to recovery.
"Overall, the crypto
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