Home » Money

One other BRICS nation cracks down on digital currencies

18 January, 2018, 04:24 | Author: Samuel Sharp
  • Bitcoin Falls Below $10,000 for 1st Time Since November

It is expected that South Korea and Japan-centered cryptocurrencies such as bitcoin, Ethereum, Monero, Zcash, Dash, and Qtum will recover first.

Bitcoin's value, which hit $20,000 (£14,500) per token in December, tumbled as low as $10,000 (£7,300) on Wednesday morning.

Bitcoin's slide triggered a selloff across the broader cryptocurrency market, with biggest rival Ethereum down 23% on the day at one point, according to trade website Coinmarketcap, and the next biggest, Ripple, plunging by as much as a third. Similarly, up-and-comer ripple grew by almost 40 times in value over the course of 2017, finishing at more than $3 per token.

According to recent reports, authorities in China are planning to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading.

Later in the week, nearly every single cryptocurrency took a hit after reports of further regulatory clampdowns on cryptocurrency mining and exchanges from China and South Korea, both of which are a huge focus for Ripple.

In South Korea, shutting down cryptocurrency exchanges is still an option, Finance Minister Kim Dong-yeon said in an interview with TBS radio.


Legislation has passed Parliament that will force cryptocurrency exchanges to disclose details of investors and transactions. Bitcoin in particular has gone through this cycle before.

The world's most popular cryptocurrency bitcoin was trading at $10,065 as of 11:04am GMT on Wednesday. "So this dip is not wholly unexpected".

The $10,000 milestone is 50 percent below the $20,000 peak that bitcoin touched just one month ago.

"The action we're seeing may seem dramatic but is really quite normal for this market", Mati Greenspan, a senior market analyst at eToro, told CNBC. Charles Hayter the CEO of Crypto Compare said that many investors may be taking profits to prepare for the risks ahead.

Call it a major correction or panic driven sell-off or whatever else you deem fit, but the current state of crypto markets will give a faint hearted trader or investor a death blow.

Recommended:



Popular

Teammates of 10-year-old who died from flu return to practice
The tragic death of a New Canaan, Conn. boy has doctors urging parents to get their flu shots. However, Nico did not play any games with his team, the Connecticut Roughriders Hockey Club.

Metro Detroit immigrant deported to Mexico after 30 years in US
Thirty years after moving to the United States as a child, a 39-year-old landscaper and father has been deported back to Mexico. Cindy said agents said because Jorge doesn't have a criminal record, he could stay through the Christmas holiday.

Nigerian inflation slowed for 11th month in December
CPI hit 3.1 per cent in November, prompting Bank of England governor Mark Carney to write to the Treasury , explaining the rise. However, pressure in the pipeline grew as factory gate prices rose, confounding predictions of a fall.

Leading Serb politician in Kosovo shot dead
Kosovo's Prime Minister Ramush Haradinaj, President Hashim Thaçi and parliamentary speaker Kadri Veseli are ex KLA commanders. Serbia does not recognize the split and EU-mediated talks have been underway in a bid to normalize ties.

Oil Spill in East China Sea Widens Following Iranian Oil Tanker Crash
Another body suspected to be from the ship was recovered from the sea on Monday and brought to Shanghai for identification. A rescue ship works to extinguish the fire on the stricken Iranian oil tanker Sanchi in the East China Sea last Wednesday.

Supreme Court Judges who protested 'publicly' against CJI are back at work
On Monday, when the judges came for the customary tea, the top court staff attending to judges in the lounge were asked to leave. Mr Mishra also said , there is no need of any action on these four judges as all of them are honest and men of integrity.

Macron tells Netanyahu the Iran nuclear deal must be preserved
Iran has doubled its oil exports to about 2.2 million-2.3 million b/d since the Iran nuclear deal was implemented in January 2016. Britain and Germany said yesterday they had taken note of Trump's latest decision and would confer with France before responding.

How to keep important, local stories in your Facebook news feed
Those that use ‘engagement-bate to encourage discussion will be demoted and shown lower in the news feed. If it's a page you don't mind seeing but aren't particularly interested in, click "Default".

Giggs Set To Be Named As Wales Boss
But a new manager is due to be appointed before the Uefa Nations League draw takes place in Switzerland on January 24. RYAN GIGGS admits he must hit the ground running with success on the pitch to win over his Wales doubters.

Travis Scott & Kylie Jenner's Latest Pregnancy Rumor Addressed, Baby Arriving This Month?
I think fair play to her TBH, it's her body and if you have the money to change what you want to make yourself happy then do it. Jenner began dating Scott in the spring of previous year just weeks after her breakup from Tyga was announced.