Bitcoin crashes below $10000, losing half its value since last month's record

Bitcoin crashes below $10000, losing half its value since last month's record

At the time of writing, bitcoin was down 12.34 per cent at $10,529 according to Coinmarketcap - well below its peak of almost $20,000 in December.

His comments came after the world's most popular virtual currency, bitcoin, slid 18% on Wednesday on reports suggesting South Korea could ban trading of cryptocurrencies.

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

On January 11, the country's justice minister Park Sang-ki had announced that the Asian country, boasting of a significant chunk of bitcoin traders, was planning to draft Bill that seeks to close cryptocurrency trading.

However, unlike other countries, it is not just the tech-savvy who have jumped on the Bitcoin band-wagon, but ordinary workers, housewives and even children, many of whom would never trade traditional stocks.

Bitcoin's fall is part of a broader cryptocurrency sell-off.

More news: 'Dreamers are the ultimate political pawn,' says Republican Cuban-exile Carlos Gutierrez

After a two-day "crypto crash", major cryptocurrencies are rallying across-the-board today. But after the statement from China and South Korea, it falls up to $10,000 Dollars on Tuesday. According to Bitcoin News, South Korea has seen its crypto user population surge by 14 times compared to previous year.

Another altcoin that has shown some rebound is Siacoin, now ranked number and has risen 2.51% over the past 24 hours.

The Lunar New Year, which marks the first day of the year in the Chinese calendar, is being cited by some as contributing to bitcoin's slump: They say Asian traders cash out their cryptocurrencies to travel and buy gifts for the holiday, which starts February 16 this year. South Korea banned opening anonymous virtual currency accounts and put in place new laws giving authorities power to shut down digital currency exchanges.

More likely, the current round of panic-selling reflects the huge number of new investors that have flooded into the market in recent months.

According to some news reports, some South Korean officials might have been allegedly caught insider trading.

Related News:



Most liked

RIL posts record profit on margins boost, Jio show
The telco posted a revenue of Rs 6,879 crore, up almost 12% on quarter from Rs 6,147 crore in the previous quarter. Gross Refining Margins (GRM) for 3Q FY18 stood at Dollars 11.6/bbl as against USD 10.8/bbl in 3Q FY17.

Chelsea deserved a penalty for Klose's foul on Willian
The visitors took the game into extra time with a very late goal in normal time, and then the game came into life. The referee can also get the TMO to look at something he is not 100% sure on, even while play is still running.

SC's Constitution Bench to take up again hearing in Aadhaar stuff today
Divan argued that Aadhaar "alters the relationship between the citizen and the state", while diminishing the status of the citizen.

Police, tow truck driver escape crash caught on dashcam in Detroit
Luckily the tow truck driver, the state trooper and the two drivers involved in the accident all walked away unharmed. Authorities reminded motorists to make room for emergency crews by giving them a lane.

India beat Zimbabwe by 10 wickets
Jason Ralston took seven wickets in the match for Australia while Ryan Hadley and Zak Evans grabbed a wicket each in the match. After having shot down Zimbabwe for 154 in 48.1 overs, the Indian openers chased down the paltry target in just 21.4 overs.

America might be yawning at another Patriots AFC title
The Titans were not able to get to Brady for a single sack on any of his 13 pressured dropbacks, according to Pro Football Focus . They don't have a quarterback on their practice squad. "Could affect him slightly but belief is that he should be good overall".

Not-so-lucky: Rapper Kodak Black arrested on 7 charges
His April arrest once again had him hit with drugs and weapons charges, as well as a charged for fleeing from police officers. Kodak Black , a newly freed man who just settled two lawsuits in the past two weeks may be in for more time with the feds.

Dhoni speaks out, but will CSK bring back Ashwin?
Dhoni added that he was approached by many franchises but he chose Chennai Super Kings above everything. The performances for this team helped the off-spinner get to higher levels in global cricket.

Theo Walcott reveals Wayne Rooney influence in Everton move
And the 28-year-old told a news conference on Thursday there was no great fanfare when he came to leave Arsenal's training ground. I had a brief spell with the manager with England and I wanted more of that. "I just want to play football and enjoy it again".

One After Another, Women Face Larry Nassar and Recount Sexual Abuse
The statement came days after news broke Maroney could potentially be fined $100,000 for breaking an NDA surrounding the case. Olympic Committee and Michigan State University for the abuse her daughter suffered.

What happens in a U.S. government shutdown?
Courts and justice: Federal courts would continue normal operations for the time being, according to a spokeswoman at the U.S. The last time the federal government shut down back in October of 2013, things did not go well in the Marin Headlands.

Feds probe if Russian banker sent NRA cash for Trump campaign
And most of that cash was spent by an arm of the NRA that is not required to disclose its donors , the news service said. Torshin , a leading figure in President Vladimir Putin's party, is a lifetime member of the NRA.

Proscription: Court's judgment wicked, reckless - IPOB
The judge awarded the sum of N500 as cost against IPOB. "I hold that the applicant is subject to Nigerian law and courts". He posited that the process through which the order proscribing the activities of IPOB, was clearly defected.

Chicago Bulls' Kris Dunn shatters teeth in face-first fall
His front teeth have also been splinted with braces as he hit his mouth hard on the floor late in the fourth quarter. So far this season Kris Dunn is averaging 13.7 points, 6.4 assists, and 4.6 rebounds per game.

Axe-wielding teen storms school classroom with firebomb before brutal slashing attack
He also set fire to the classroom before trying to kill himself, according to the Investigative Committee of Russian Federation . The attacker, a ninth-grader student, hurled the bomb inside the classroom and waited by the door with a hatchet.