Bitcoin Crashes Below $10000

18 January, 2018, 14:17 | Author: Chad Mckenzie
  • Bitcoin Crashes Below $10000

"What we're seeing is part of the evolution of bitcoin", he said.

"About half of my friends trade cryptocurrencies". South Korea announced a few days that they were seeking out ways to regulate cryptocurrencies, with rumors of an outright ban. He told Reuters, "There is a lot of panic in the market".

On Tuesday, South Korean Finance Minister Kim Dong-yeon said the government would take measures to check any irrational speculation in the local cryptocurrency markets.

Bitcoin  US Dollar FX Chart Daily

There has been reporting of more expected fluctuations in the price and market value of Bitcoin and other digital currencies since more and more venture capitalists are joining the crypto market.

The price of the cryptocurrency rapidly declined after it emerged that South Korea could be on the verge of banning bitcoin trading altogether.

China has also moved to crackdown on cryptocurrency but instead looking into banning trading and miners, causing a huge shakeup in the market.

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By far the worst performer is the BitConnect cryptocurrency, which has plunged more than 90% on news that the company behind is moving to shutter its lending and exchange platform amid a wave of criticism and regulatory scrutiny. The fall of Bitcoin was followed by other major cryptocurrencies Ethereum and Ripple, which erased over 25%.

Cryptocurrencies are tumbling since hitting the peak on Jan 7 when the total crypto market capitalization had touched the level of $813 billion.

The popular cryptocurrency dropped below $10,000 this week for the first time since November.

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Bitcoin is at an all time low for this year; however, it is likely that the price will soon pick up again, particularly as they have just launched Bitcoin futures contracts.

But is it time to hold or sell bitcoin? "You have more regulatory uncertainty.and because of these falls you have these other outfalls". "We expect the volatility to continue throughout 2018 but fundamentally believe that bitcoin is still in a bull market", said Christopher Keshian, co-founder of $APEX Token Fund.

Bitcoin careened 25% lower Tuesday after a startling gain of almost 1,400% previous year and peaking at roughly $19,500 per coin in late December.

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Cryptocurrency remains a volatile and unregulated market, though, and buyers must not invest more than they are willing to, or can afford to, lose. "The run-up in created a mystique of one-way trading which is being shaken, but the pricing requires faith that there will always be demand", Englander wrote.

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