Crypto Markets Continue to Descend as Governments Globally Clarify Regulations

Crypto markets continue to see red today, July 12, as data from Coin360 shows, with Bitcoin falling below the $6,200 price point.

All of the top 50 coins by market cap are red on the day to press time.

The markets have now reversed their weekend upswing, which followed a promising week in which they consolidated gains first claimed in a late June rebound.

The downward trend comes as the governments of major markets globally are refining their official regulations on cryptocurrency.

On CoinMarketCap's listings, the top 50 coins by market cap are all in the red, with the outliers seeing losses of up to 7-8 percent.

Total market capitalization of all cryptocurrencies is now at around $245 billion at press time, down almost $30 bln since market descent that began July 10.

The markets are nonetheless holding over $10 billion above their monthly low in late June, which saw total market cap shrink to $232.6.

Monthly low in the total market capitalization of all cryptocurrencies from CoinMarketCap.

An in-depth analysis published today on Cointelegraph weighed in on the controversies surrounding the impact of crypto futures trading on the markets, which some have argued play directly into the hands of bears by allowing major institutional players to short the markets.

Market analysts are more united behind the notion that regulatory uncertainty continues to negatively impact cryptocurrencies' price performance - an argument that held traction this week with the most bullish of crypto industry figures, TenX's Julian Hosp.