Bitcoin Price Struggles After Blockchain Week, Possible New Regulatory Pressure

Cryptocurrencies continue to slow down today as all major coins are in the red on Tuesday.

"The recent selloff has come from the news out of China that the ICO market is still very active and there are fears that China will further increase the strict regulation."

In addition to regulatory fears, hype surrounding a possible rally following Blockchain Week and the Consensus conference in New York was proven to be a dud.

While gains above $8,500 are difficult to maintain, $8,000 support is still holding.

For almost six weeks, BTC has traded between $7,800 and $10,000.

At press time BTC is trading at $8,095 and has decreased by 4.25 percent over a 24 hour period.

Ethereum is is also down, trading at $653.79 down 6 percent over a 24 hour period at press time.

Last week, Apple co-founder Steve Wozniak compared Ethereum to Apple, saying it, "Interests [him] because it can do things and because it's a platform."

Litecoin is down by 3.74 percent over 24 hour period at $129.78, while Bitcoin Cash has lost 7.48 percent to $1,145.

Also over a 24 hour period, both EOS and Ripple are down 6.42 and 3.24 percent and are trading at $12.60 and $0.65, respectively.