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Bitcoin slumps to four-month low as Japanese financial regulator issues money laundering warning

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There was more bad news for cryptocurrency investors yesterday as Bitcoin crashed to a four-month low after Japan’s financial regulator warning six digital currency exchanges to improve their anti-laundering systems.

Bitcoin’s price fell as low as $6,085.59 on Bitstamp, and came was close to hitting its lowest level for the year of just below $6,000.

Despite a colossal increase of 1,300 per cent last year, Bitcoin’s bubble has shown signs of bursting as it has fallen nearly 56 per cent in 2018.

An announcement by Japan’s Financial Services Agency told exchanges includig bitFlyer, QUOINE, BTC Box, Bit Bank, Tech Bureau and Bit Point to clean up their act when it came to preventing money laundering.

The news follows another blow for cryptocurrencies last week as South Korean exchange Bithumb was hacked for around $35bn worth of coins.

Bitcoin recovered slightly today, edging up one per cent to $6,116.19.

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