Bitcoin, Ethereum, Other Cryptocurrencies Are Dropping in Value

Javier Howell
January 18, 2018

Later he seemed to backtrack.

While the largest digital coin was down 25 per cent at US$10,338 as of 4:37pm in NY, it was still at the lowest level since late December, according to composite pricing on Bloomberg.

Speaking about other cryptocurrencies like Ethereum, Bitcoin Cash, Cardano, Ripple, and Litecoin, they have also seen deep losses of between 30 percent to 40 percent, according to data from CoinMarketCap.

The most recent signs of a regulatory clampdown have come out of Asia, a hotbed of bitcoin trading.

China also reported to be cracking down even further on cryptocoin trading Bloomberg reported Monday that China was planning to block domestic access not only to Chinese platforms but to offshore ones as well.

'We the citizens were able to have a happy dream that we had never had in South Korea thanks to cryptocurrency, ' the petition reads.

At the close of the market on Tuesday, bitcoin prices had fallen more than $2,000 in a day, to $11,490.

Cryptocurrency markets have been gripped by panic selling overnight, though there appeared to be no single reason for the latest dip.

Legislation has passed Parliament that will force cryptocurrency exchanges to disclose details of investors and transactions.

Bitcoin is down from record highs approaching United States dollars 20,000 in the week before Christmas, having rocketed 25-fold a year ago, before being hit by concerns about a bubble and worries about crackdowns on trading it. That's the question a lot of people have been asking recently, and with renewed vigor today, given that the virtual currency has taken a massive tumble - indeed, it has just dipped below the $10,000 (£7,250) mark, nearly half of the peak it reached last month.

"Volatility is quite common in the cryptocurrency world", Mati Greenspan, a Tel Aviv-based analyst at investment firm eToro, told CNN Money. Japan and South Korea usually dominate this market but over the last few days, the volumes have been dropping steadily.

Regulators elsewhere are also taking a harder stance.

Other reports by Insurance News

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