Daily Cryptocurrency Tracker 5.12.18: Markets remain lower

The bearish trend seen in the cryptocurrency market lately persisted over the past 24 hours, as 9 of the top 10 cryptos registered losses, 4 of which recording losses of more than 5%. After staying mostly flat over the past 24 hours, Bitcoin declined slightly, losing more than 1% and trading below the $4,000 mark.

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Bitcoin Cash tumbles 8%

The world’s 5th-largest cryptocurrency continues to record losses in the aftermath of the hard fork it went through last month, and as part of the market-wide trend. Bitcoin Cash tumbled an additional 8% over the past 24 hours (as of the time of writing), and further extended its losses to record a new all-time low.

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US Congressman announces crypto regulation plan

Warren Davidson, a US Congressman, announced a plan to regulated cryptocurrency trading and ICOs earlier this week. Speaking at the Blockland Solutions conference in Cleveland, Davidson said he intends to classify cryptocurrencies in an asset class of their own, which will both prevent them from being classified as securities and enable the government to regulate them. However, it is important to note that this is only a proposal at this time and there is no indication that Davidson’s plan will be implemented.

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