The cryptocurrency market continues falling. The price of bitcoin went below $6000, and Ethereum returned to $440.

Despite the hopes of numerous hodlers, bitcoin continues to show a decline instead of growth. The weighted average bitcoin rate fell today to $5858. This is the minimum level since the beginning of 2018. The previous low of this year was demonstrated in early February, when the bitcoin price fell to $6517.

Bearish movement is demonstrated by all the cryptocurrencies from the top-20 by capitalization according to CoinMarketCap, except of Tether, which plays a role of the US dollar in trading pairs with cryptocurrencies on many major crypto exchanges. While the cryptocurrency market is falling, investors are withdrawing assets from cryptocurrencies to fiat or stablecoins. That led to an increase in demand for the USDT tokens. Tether coins ranked as the second most traded coins within the last 24 hours, with bitcoin being at the first place. By daily trading volume, Tether significantly overtakes Ethereum, EOS and Litecoin, which are other leaders in the rating.

There are a set of reasons for the current decline, but none of them can be regarded as a fundamental one. First, the negative background is related to the increased pressure of the Japanese financial regulator, who sent orders on business processes improving to 6 crypto exchanges, including bitFlyer, Japanese largest cryptocurrency exchange. In response, bitFLyer decided to suspend the registration of new users until the requirements of the Agency of Financial Services of Japan (FSA) are not met.

Secondly, due to bitcoin futures launch on the Chicago-based stock exchanges, investors preferring to shoty bitcoin came to the market. It also puts pressure on the price of the cryptocurrency.

Thirdly, US lawmakers demonstrate not very friendly approach to cryptocurrencies. So, next week the Senate's Subcommittee on Crime and Terrorism will host a hearing titled "Protecting Our Elections: Examining Shell Companies and Virtual Currencies as Avenues for Foreign Interference." Earlier, Deputy Head of the Investigation Office of the US Secret Service Robert Novy asked the House of Representatives Committee on Financial Services to adopt measures which would curb the usage  of anonymous cryptocurrencies such as Monero and Zcash.

Despite the fall, the expectations of crypto enthusiasts remain unchanged.

"What's often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That's tens of trillions of dollars entering the space eventually. Future is bright," wrote Charles Hoskinson, Cardano co-founder, in his Twitter.