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.

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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.

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