Bitcoin price below $44,000 as regulation calls get louder
Bitcoin is up more than 14% month-to-date, but down more than 4% year-to-date
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Bitcoin was trading below $44,000 on Thursday morning as the cryptocurrency gave back some gains from the day before.
Heading into Thursday, Bitcoin had traded higher in three of the past four days.
Bitcoin is up more than 14% month-to-date, but down more than 4% year-to-date.
The calls for regulation in the industry are getting increased attention.
Risks could grow quickly and regulators need pre-prepared measures to bring the sector to heel, according to the Financial Stability Board (FSB).
The FSB is a risk monitoring watchdog for the G20 economies.
The FSB is concerned many investors don't fully understand what they are buying, according to Reuters.
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Big banks and hedge funds are becoming more involved, along with derivatives that reference cryptoassets in complex investment strategies, the FSB said in a report.
The concern is that financial stability risks could rapidly escalate, underscoring the need for pre-emptive evaluation of possible policy responses.
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Regulators are worried about what impact a potential meltdown in cryptoassets could have on the wider financial sector.
The FSB has no powers to impose binding rules but its members commit to turning agreed principles into national rules.