Bitcoin continues its downward spiral on regulatory concerns, sinking to $10,000

Bitcoin continues its downward spiral on regulatory concerns, sinking to $10,000

"The sharp depreciation witnessed in bitcoin today should remind investors on how explosively volatile and unpredictable the cryptocurrency can be", he added. Later he seemed to backtrack.

Bloomberg reports that Bitcoin fell as much as 25% on Tuesday to $10,338, hitting its lowest level since early December.

Astonishingly, all of the other top 10 digital currencies by market capitalisation have plummeted even further than bitcoin over the past 24 hours, according to CoinMarketCap. However, due to their elusive pump and dump schemes, the recent fall may have little affect on their fortunes. The first reason falls under restriction and regulations of two countries: South Korea and China.

The world's most popular cryptocurrency was trading at about $9,800 at 9 a.m. on Wednesday - down nearly 12 percent in a 24-hour period.

The crash has been attributed to the South Korean government's new plans to "crack down" on virtual currency trading, which has led to "a sell-off across the market globally", says BBC News.

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Mati Greenspan, senior market analyst for eToro, said low trading in Korea and Japan may have contributed to the price movement.

China, Brazil and India have all cracked down on cryptocurrency trading as a result of the soaring values seen last month.

In the United Kingdom, an inquiry into cryptocurrencies could be launched by MPs because of concerns over investor losses. "So this dip is not wholly unexpected".

Around 5:00 on Wednesday, the price of bitcoin has fallen to 9,730.42 dollars for a bitcoin, its lowest level since December 1 and a fall of almost 50% since its historic peak of December 18, according to figures compiled by the Bloomberg financial data provider. CBOE's January 2018 contracts were at $11,760 down 12 percent for the session. It was trading at over $1,300 just a few days ago. He said also that uncertainty might be spooking the market as regulations are not clear as yet. On seeing this, the crypto coins investors have chose to sell the coins and there comes fall in the crypto market.

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