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BUBBLE Bursting? Bitcoin Plunges Under $6000, Scaring Many Investors

07 February, 2018, 01:06 | Author: Samuel Sharp
  • Bitcoin is currently down at $7,940

It hit a high of $8,150 and was last at $7,922.79 in late trading in NY, up almost 15 percent on the day. It's not a static feature.

As regulatory chatter continues to hammer the markets, we can expect new lows to continue coming along, with investors unlikely to be too interested in getting burnt. "This is the real thing". This is probably the first time that bitcoin's value declined in double-digit ever since its slide began from the beginning of this New Year. At the very same time, it was reported that the U.S. regulators had subpoenaed to - a company that issues the coin and claims it's pegged to the dollar - virtual-currency venue Bitfinex and Tether, that also helped to further the selloff and driving down prices. Bitcoin is not alone however, most of the other top cryptocurrencies in the space including Ripple, Ethereum, and Bitcoin Cash, have also fallen dramatically in value.

The overall cryptocurrency market is down more than 50 percent from the highs seen in early January when the overall market capitalization was north of $800 billion. Peercoin has a total market cap of $72.10 million and approximately $1.29 million worth of Peercoin was traded on exchanges in the last day. The Senate is examining the role of the SEC and CFTC in regulating virtual currencies.

In Europe, Bank for International Settlements General Manager Agustin Carstens said there is a "strong case" for authorities to rein in digital currencies due to their links to the established financial system.

Bitcoin and the rest of the cryptocurrency world seems to be plunging in value amidst a large amount of news and happenings in the market.


The move by Lloyds follows warnings by regulators and ministers in the US, South Korea, China, Russia, India, Germany and France over the market.

British bank Lloyds Banking Group said on Sunday it was banning customers from using credit cards to buy Bitcoin.

Leading cryptocurrency bitcoin has lost 24 percent in the last 24 hours, plunging to $6,000 on Tuesday.

Concerns about the credibility of cryptocurrencies from the Central Bank of Europe and also the United States banks have also affected the price.

Gandham said that his company had seen a drop in interest from investors wanting to trade digital coins in recent weeks amid the sell-off, but that levels of interest remained far higher than before the fourth quarter of previous year.

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