The Cryptocurrency market moved into the red following a soft uptrend in the last two days. Bulls are experiencing stiff resistance from bears in creating a sustainable uptrend; BTC price retreated to the $7000 mark today after trading around the $7500 level yesterday. The market reports are adding to a bearish trend over the last couple of weeks.
Bears have received their latest support from Google (NYSE: GOOG) – who announced the ban on cryptocurrency mining extensions that are available for its ‘Chrome’ browser.
The company believes crypto-based apps are increasing in Google’s Play Store that is increasing the risk of cheating people who download them. Google, however, permits extensions that are used for blockchain-related purposes in the Web Store.
In a statement, Google said, “Chrome Web Store will not accept extensions that have intentions to mine cryptocurrency…. Current extensions that mine cryptocurrency will be denotified and removed in late June from the Store.”
Besides from Google ban, the market has also been facing strict regulations. After Japan, Australia introducedtheir cryptocurrency guidelines. Based on the latest instructions, Australian cryptocurrency exchanges should hold a registration certificate, and these businesses should comply with counter-terrorism financing and anti-money laundering laws.
Australian regulators are looking to keep an eye on all cryptocurrency related activities; they asked virtual currency exchanges to verify the “identities of their customers along with keeping the record of last seven years.”
Is the Ban On Mining Extensions Causing Altcoins To Tumble?
Source Image: coinmarketcap.com
Altcoins have resumed their downtrend following a brief rally in the last two days. Ethereum (ETH) and Ripple (XRP) plunged at a mid-single digit rate in early trade on Wednesday, while the rest of the top-ten altcoins are falling at low to high mid-single-digit rate. Binance Coin (BNB), which resisted strongly against the broader market selloff, plunged more than 8% today. BNB coin trades around $12 today with the market capitalization of $1.4 billion.