The Biggest cryptocurrency Bitcoin, prices slumped to US$5,000 mark for the first time since October 2017, accelerating the slide in cryptocurrencies, intensifying the speculation that more scrutiny from the regulators will force issuers of initial coin offerings to liquidate holdings.

The Bitcoin has recorded the longest string of losses as the decade-old cryptocurrency has declined for eight consecutive days, falling by around 9.1 per cent to US$ 4,958 The fall in Bitcoin also triggered the tumbling of other cryptocurrencies as well. Ether slipped by around 13% whereas Litecoin slipped about 14%.

XRP, the token associated with Ripple, was the sole gainer among major digital currencies. According to some reports, US$ 660 billion has been falling out of the hands of the cryptocurrency industry from their January peak. Bitcoin has witnessed a downfall of more than 70% from its December 2017 high.

On the other hand, US SEC has announced its first civil penalties against two cryptocurrency companies; namely  Airfox and Paragon Coin Inc. as they failed to register their initial coin offerings as securities. These two companies will be required to pay US$ 250,000 each, in penalties to compensate investors, and will also have to register their digital tokens as securities.

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