Bitcoins Slide To A Month-Low. Five Things To Know

Cornelia Mascio
Gennaio 19, 2018

At the time of writing, bitcoin was down 12.34 per cent at $10,529 according to Coinmarketcap - well below its peak of almost $20,000 in December. At its peak in December previous year, one bitcoin was worth nearly $20,000.

The price of Bitcoin lost 16.5 percent of its value dropping to well below $10,000, plunging to as little as about $9,200, less than half from its highs a few months ago.

"Having said that, this narrative has been around for many weeks now and isn't really new but it has once more raised the spectre of tighter regulation on this market".

If you're a late investor to Bitcoin, it might be worth looking away now as the value of the currency has undergone a huge plunge over the past week. Given that South Korea is the world's third largest market for cryptocurrencies after the U.S. and Japan, anything that happens there is sure to have global repercussions.

"Cryptocurrency speculation has been irrationally overheated in Korea", the South Korean government said in a statement reported by Bloomberg News.

Prices of bitcoin and other digital currencies skidded after South Korea's top financial policymaker said Tuesday that a crackdown on trading of cryptocurrencies was still possible. The meteoric increase in prize drew countless first-time investors, all hoping to cash in on the cryptocurrency craze. "People are selling to try and get the hell out of there". After seeing Bitcoin crash over 50 percent in a month, many traders could also be taking profits in now that the coin has fallen back under $10,000. Cryptocurrency is a murky market with frequent swings.

After falling to four digits earlier Wednesday, Bitcoin prices rebounded above $11,200 as some investors bought into the dip.

Other currencies, like ethereum and ripple, made even more significant gains in value over the course of the year, relative to where they began 2017.

Regulators around the world are still debating how to address the risks posed by cryptocurrencies such as bitcoin, the world's most popular virtual currency.

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