Following a major rally of a very impressive $20 billion, all major cryptocurrencies, including Bitcoin and Ethereum have dropped by more than 4 percent.
Market experts say the drop came after Binance, which is one of the world’s largest cryptocurrency exchanges, received a stern letter from Japan’s Financial Services Agency demanding that the company register itself in line with Japanese law it wants to operate in the country.
The past few weeks has seen Bitcoin, Ethereum and other major cryptocurrencies falling from $9,000 to $8,300, rebounding to $9,100 only to slide down to $8,500 on Sunday.
READ MORE: Russian Draft Bill Defines Cryptocurrency as Assets, Not Legal Tender
Experts believe that until big investors come in, the cryptocurrency market is likely to remain volatile.