In the Philippines, a lawmaker is proposing more severe sentences for illegal activities involving cryptocurrencies.
This week, prosecutors in South Korea raided three cryptocurrency exchanges over allegations of embezzlement.
Another negative driving force was the sale of large amounts of bitcoin by the trustee of Mt. Gox, the bankrupt cryptocurrency exchange.
Over the past three month, Mt. Gox bankruptcy trustee, Nobuaki Kobayashi sold bitcoins worth more than 300 million, according to a report to the Tokyo District Court.
In the report, Kobayashi also indicated his plan to consult the court and determine further sale of bitcoin and bitcoin cash. There are still 166,344 bitcoin and 168,177 bitcoin cash under his management.
Thomas Glucksman, head of APAC business development at cryptocurrency exchange Gatecoin, commented on the issue via e-mail to CNBC. According to him, “The sell-off was triggered by a number of factors, notably, weariness over increased regulatory scrutiny of ICOs, the Mt.Gox bitcoin dump and what seem to be some heavily liquid traders pushing for future buy-back opportunities.”
