Economy

Cryptocurrency bloodbath: Bitcoin below $12K

Cryptocurrency bloodbath: Bitcoin below $12K

The high demand from South Korean investors has created what investors call a "kimchi premium", the extra price the South Koreans have to pay to buy digital currencies, sold in South Korea at higher than the average global prices. Rival cryptocurrency ethereum also dropped 20 per cent to $1,056.38 while Ripple tumbled more than 25 per cent to $1.36.

At the beginning of 2017, bitcoin had an 88% share of the cryptocurrency market.

China, which first began targeting the industry in 2017, is escalating its clampdown on cryptocurrency trading, particularly online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter.

Kim said: "There are no disagreements over regulating speculation", which includes a ban on anonymous cryptocurrency accounts and taxing the income made on virtual currency. Speaking on a radio program, Dong-yeon said that "the shutdown on virtual currency exchanges is still one of the options".

Bitcoin fell almost 17.7% to a low of $11,182.71 Tuesday, falling below $12,000 for the first time since December 5, according to CoinDesk. "But we maintain our stance".

What do you think about the current cryptocurrency price movements? Monetary Authority of Singapore managing director Ravi Menon also said that he hoped that "when the fever has gone away, when the crash has happened, it will not undermine the much deeper, and more meaningful technology associated with digital currencies and blockchain".

The coins are also suffering from rumors that China is preparing to implement a complete ban on bitcoin mining, the computer activity behind the creation and transactions of Bitcoin.

More news: Iran's President: US Border Plan Targeting Syria's Territorial Integrity

Last year, the government banned initial coin offerings (ICO) and shut down local cryptocurrency exchanges.

According to an unnamed source, Chinese authorities plan to block domestic access to Chinese and worldwide cryptocurrency platforms that allow centralized trading.

The digital asset soared to a record high of $19,343 last month, but has since been on a gradual decline.

Meanwhile, a more light-hearted commentary on the price lows came from data analysis showing Bitcoin systematically set its lowest value for each of the past three years in the second week of January.

Hayter added: "These moves are profit taking on the increased risk scenarios going forward".

CoinMarketCap.com now shows that for the first time since Decembre 14th, Bitcoin has dropped 15 percent to a $12,000 value.


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