Published: Thu, January 18, 2018
Money | By Armando Alvarado

Cryptocurrencies crash in a rollercoaster week for blockchain shares

Cryptocurrencies crash in a rollercoaster week for blockchain shares

Bitcoin Cash, a rival version of bitcoin, was worth more than $4,000 on December 20.

Charles Hayter, chief executive of CryptoCompare, said many anticipated the cryptocurrency market to decline. According to market charts dating back to 2011, and the very beginning of bitcoin, this is just a simple market correction in January, which has been the case each year since then.

As digital currency plunges, the company's which are either tagged directly or indirectly through the blockchain and Bitcoin are also dipping into the market. These range from concerns about potential bans on trading in the key markets of China and South Korea, to withdrawals to pay for Chinese New Year celebrations, hedge fund market manipulation, the introduction of futures and just general profit-taking. The depreciation of the cryptocurrency with largest market value continues, against the backdrop of the increasing intentions of regulators around the world to introduce rules to curb the growth of the cryptocurrency industry. With a 24-hour volume of $9.8 billion, Ripple is now the second most-traded cryptocurrency on the market.

In the wake of this week's bitcoin slide, users are left wondering if they should hold or sell the highly volatile cryptocurrency.

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Bitcoin has sunk a further 12% on Wednesday to below $10,000, halving in value from its peak price when it skyrocketed past year.

After several days of dismal performance, all of the major cryptocurrencies are well into the green today. On the other hand, when China announced plans to crack down on sketchy Initial Coin Offerings (ICOs) the value of Bitcoin dropped, and the same thing happened when a South Korean government official said the country might ban cryptocurrencies altogether. That said, like Bitcoin, it is still way up in value compared to this time a year ago when Ethereum was valued at $8.

However, the Bitcoin price has recovered strongly since, with traders obviously seeing value.

It is notoriously hard to be certain of what causes moves in Bitcoin's value - the asset has been much more volatile than most traditional currencies and commodities to date - but speculation that regulators may be about to restrict trade has been causing concern.

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