The Price Of These Cryptocurrencies Just Crashed And Here's Why

The Price Of These Cryptocurrencies Just Crashed And Here's Why

"This latest crypto-currency hack shows how virtual currency has become a new business model for cyber criminals". Analysts believed that the price of the Bitcoin would stabilize to $15,000, but this prediction did not prove to be true.

"Explaining moves in bitcoin is always tricky but this plunge back to the December 22nd low may well be a result of recent signs that regulatory pressures are building", Wilson said in a note. Bitcoin's underperformance may be due in part to doubt that the currency can continue delivering the same 1,400 per cent returns it did previous year, spurring traders to look for smaller digital assets that promise more upside.

This drop in the market is making quite an impact considering just a month ago Bitcoin's value was at $20,000. The cryptocurrency's market capitalization now stands at around $184 billion.

Some of the reasons for the cryptocurrency "bloodbath" are known to many crypto players.

That, according to Martinez, was on top of the "additional negative sentiments from South Korea stating that tighter crypto-controls are still a possibility". Chinese and South Korean Governments are going to have a huge impact on not just the current price of cryptocurrencies, but also what neighbouring governments might decide to do. "It seems they're getting wise and waiting for the market to even out before buying in again.The reports are certainly not helping but in my assessment, the Asian market is simply exhausted of paying the premium".

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Another BRICS country, Brazil, has joined China and India in taking action against cryptocurrencies.

Shenzen Stock Exchange, one of China's two major stock bourses, issued a warning notice on Tuesday evening against the indiscriminate use of the term blockchain by businesses to boost their stock price. Their eventual decision to ban mining farms can trigger a massive sell-off of cryptos, which will exacerbate the current situation.

China has also been coming down hard on cryptocurrency activity, and it is also considering blocking domestic access to the foreign exchanges and platforms that allow for centralized trading.

Finance Minister Kim Dong-yeon said in an interview with local radio station TBS that banning trading in digital currencies was "a live option". Russian Federation is preparing legislation to regulate cryptocurrencies, which is likely to be introduced in the first half of this year.

"Increasing value and legitimacy of cryptocurrencies is not only good for investors, but also brings attention from regulators and policymakers".

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