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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.



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