Cryptocurrency Prices Correlated to Regulatory Action According to BIS Report

BIS: Bank for International Settlements

What they do: Mission to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.

For more info on BIS: https://www.bis.org/about/index.htm?m=1%7C1

Excerpt from the report reads:

“These results suggest that cryptocurrency markets rely on regulated financial institutions to operate and that these markets are segmented across jurisdictions, bringing cryptocurrencies within reach of national regulation. […] Because they rely on regulated financial institutions to operate and markets are (still) segmented across jurisdictions, cryptocurrencies are within the reach of national regulation.”

BIS Quarterly Review. CHAPTER: Regulating cryptocurrencies: assessing market reactions.
Direct PDF Download link: https://www.bis.org/publ/qtrpdf/r_qt1809f.pdf

BIS Quarterly FULL Review, September 2018: https://www.bis.org/publ/qtrpdf/r_qt1809.htm