Bitcoin price: THIS is what is dragging DOWN cryptocurrency price this week

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price tanked below $10,000 amid fears of a cryptocurrency crackdown at the hands of the SEC and the CFTC, it has emerged.
Speaking on CNBC News, Bob Pisani explained how the news of a new ruling from New York could change the future of the crypto world.
He said: “Cryptocurrencies have seen more fallouts today for fears of regulations.
“Bitcoin has now fallen 80 percent over the last two day as watchdogs waive in the digital currency space.
“Yesterday, it was the SEC issuing a warning that consumers should be careful about trusting the changes that they say are protected by federal law, but they’re not. Most of them are unregulated.
“The SEC seems to be setting up for a crackdown. They want exchanges to register with the SEC.
“They have previously said initial coin offerings (ICOs) are securities and anyone selling ICOs to the general public should register with the SEC But this goes further, the SEC thinks even the exchanges listing ICOs should themselves register.“It’s another move towards further regulation.
“Also yesterday New York ruled that cryptocurrencies can be regulated by the CFT as a commodity.
“Now, the CFTC already had the power to regulate trading in bitcoin futures and other derivatives, but this ruling implies the CFTC has jurisdiction in the case of fraudulent activity involving any kind of cryptocurrency transaction, including the cash markets.” General laws regarding fraud can now be used by the CFTC in dealing with cryptocurrencies in any form, whether it’s cash or derivatives. General laws regarding fraud can now be used by the CFTC in dealing with cryptocurrencies in any form, whether it’s cash or derivatives.

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