This week cryptocurrencies did not manage to maintain bullish momentum for long. Today, the virtual money is trading under pressure. Bitcoin quotes retreated from the level of $7,000, trying to hold their position near this area. However, experts anticipate that pressure on the digital money will ratchet up. A fall in virtual currencies was triggered by the news about plans of finance ministers of 23 European countries to discuss risks and problems connected with the cryptocurrency market. The meeting will take place in Vienna on September the 7th. Analysts anticipate that during the meeting policymakers will touch upon such issues as a lack of transparency, tax avoidance, possible funding of terrorism, and a convenient tool for fraudulent activities.
The second biggest cryptocurrency, ethereum, lost over 3%, plunging from $285 per coin. Meanwhile, analysts predict that today's news can provide support to the virtual money. Reportedly, Yahoo added an option of trading cryptocurrencies on the Yahoo Finance platform. Remarkably, the cryptocurrency market got another chance to strengthen on Wednesday when the Saint Louis Federal Reserve Bank supported bitcoin calling it a legitimate currency that simplifies transactions. Probably, these comments have not encouraged traders yet as the digital money continues to decline gradually.