Escalating litigation adds pressure to Bitcoin and Ethereum

Leading cryptocurrencies slumped Wednesday as a growing number of lawsuits against crypto investors spooked markets, adding to growing concern Bitcoin could fall as low as US$15,000.

Bitcoin declined 3.8% to US$20,084 and its largest rival by market capitalisation, Ethereum gave up 6.2% to US$1,130. But TerraClassicUSD bucked the trend, skyrocketing 60% in early morning trade.

American lawyers noted increasing evidence that “novel applications of existing laws” have been used to litigate against users and investors of cryptocurrency. 

This regulatory uncertainty surrounding crypto has created a “fertile environment” for crypto-related litigation and enforcement to grow, Coin Telegraph said.

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