Bitcoin is facing constant heat with the prices touching the lower figures close to $8,500 , clearly being impacted by the increased scrutiny on cryptocurrencies by Global financial regulators.
The cryptocurrency hit a low of $8,347 and was trading 2.6 percent lower near $8,458 as of 25th March 2018, according to Coinmarketcap bitcoin.
Here are some of the key attributing reasons to watch out for:
•The cryptocurrency is having a negative stretch since the beginning of the year due to new announcements being made by various nations to curb the use of digital currency
•Many nations need the bitcoin purchasing to be routed through traditional banking system to kaap track of the customers
•Some nations have also marked the income being generated from bitcoin and other crypto currencies as taxable, hence making the returns less lucrative.
•In the fear of growing regulations, numerous vendors have announced their withdrawn support from accepting cryptocurrencies.
With this it seems, that the leading cryptocurrencies including bitcoin are losing their shine and if this trend continues, the digital currency might become a thing of the past.