Initial Coin Offerings (ICOs) coming under regulator scrutiny. Bitcoin dips back below the 200 hour MA.
The WSJ is reporting that "state and provincial regulators" in the US and Canada are targeting Initial Coin Offerings (ICOs).
The article says that there are 70 new investigations, 35 enforcement actions this month and that it is the "tip of the iceberg".
The crackdown is just over the last few weeks.
The operation is called "Operation Cryptosweep".
According to the WSJ, "In addition to Monday's announcement, state securities regulators also signed a memorandum of understanding with the Commodity Futures Trading Commission to share nonpublic information related to enforcement actions."
You can read the article HERE.(it may be gated though).
Looking at Bitcoin on the Coinbase exchange (see chart above), the price has moved lower on the news and is down -$213 on the day now at $8342. The fall has also taken the price back below its 200 hour MA at $8385. The 100 hour MA comes in at $8280 and is the next target to get to and through, if the bears are to take back full control from the weekend buyers. Those buyers were able to push the price back above both the 100 and 200 hour MA. That break seems to be failing though. A move back below the 100 hour MA would help to confirm more of a bearish bias again for Bitcoin.
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