Published: Fri, January 19, 2018
Money | By Armando Alvarado

Bitcoin, Ethereum, Ripple Latest News

Bitcoin, Ethereum, Ripple Latest News

"The January drop is a recurring theme in cryptocurrencies as people celebrating the Chinese New Year, aka Lunar New Year, exchange their crypto for fiat currency", said Alexander Wallin, chief executive of trading social network SprinkleBit in NY.

While its has recovered slightly, this has pushed Bitcoin below $10,000, half what it was worth at its peak.

While it is not clear what measures the government will take, but traders are fearful that government may usher a wave of new legislation regulating the cryptocurrency market and making it easier for trading exchanges to be raided by tax authorities. Specifically, South Korea's finance minister announced plans to push for a ban on cryptocurrency trading, and China announced its intention to crack down on cryptocurrency trading even more than it already does.

This is its largest slump since early December, according to CoinDesk's Bitcoin Price Index (BPI).

This sharp drop in value caused widespread panic among investors, with many labelling the price movement "Bitcoin's crash".

Rival cryptocurrencies also traded lower, with ethereum sinking 13.3 per cent to $933.59 and Ripple down more than 21 per cent at $1.06.

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Out of the myriad of cryptocurrencies out there, some of the biggest falls include NEO by 20pc, and Qtum by 19pc.

Other cryptocurrencies plunged as well.

KitGuru Says: It looks like a lot of people have been dumping their Bitcoin over the last few weeks, leading to the 50 percent drop we have seen this month.

When the price of bitcoin fell in mid January a year ago, the cryptocurrency's price recovered to record levels.

I've written before that one of the biggest obstacles to cryptocurrencies gaining widespread traction as both a payment method and store of value is its volatility. But after the statement from China and South Korea, it falls up to $10,000 United States dollars on Tuesday.

The shift toward tighter regulation sparked a strong reaction from many South Koreans, thousands of whom signed a petition on the website of the presidential Blue House to stop a ban on cryptocurrency trading.

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