Bitcoin pulls other cryptos into the trough

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With the fall of bitcoin, cryptocurrency prices in general were in the red on Monday, July 19, according to a report from The Streetsays.

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

CryptoQuant, a crypto-analytics Twitter account, found that bitcoin’s net exit transactions now exceed 60,000, the first time this has happened in a year. Deposits for trading wallets, meanwhile, were less than 20,000.

The crypto landscape has seen some changes lately. Binance, the popular crypto exchange, was kicked out of several countries over concerns about how it regulated its site, and China passed new rules on cryptocurrency companies. And Malaysian authorities recently destroyed bitcoin mining equipment that had been valued at $ 1.2 million. They had been arrested for illegal exploitation.

“As Chinese crypto-miners and exchanges desperately relocate, 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 in the online gaming industry.”

The Chinese government has gone to great lengths to oppose cryptocurrencies, with a recent report from PYMNTS revealing that the country’s continued brakes on mining operations coincided with the price of bitcoin falling to $ 32,288 in late June.

“The crackdown on Chinese miners could mean they unload coins in a tight market and drag us lower,” Ben Sebley of London-based crypto firm BCB Group, per Reuters, according to PYMNTS.

In late June, the popular cryptocurrency fell more than a fifth since its peak of around $ 65,000 in April.

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