China Strikes Bitcoin, Drops Its Value 12%

19 January, 2018, 01:57 | Author: Roderick Gutierrez
  • Bitcoin ripple ethereum

The world's most valuable cryptocurrency, bitcoin, has lost over half its value since it smashed the $20,000 barrier in mid-December. "You have more regulatory uncertainty.and because of these falls you have these other outfalls".

Yesterday, the original cryptocurrency fell to $9,402.29, its lowest level since November 30, as growing concerns over possible new regulations in South Korea and China continued to weigh down digital currency prices.

Finance Minister Kim Dong-yeon said in an interview with local radio station TBS that banning trading in digital currencies was "a live option". "We've seen this story many times before", Bogart said in an interview with CNBC.

Many people who jumped into virtual currency trading market more recently are suffering financially just as the government proposes measures at regulation.

If the trading of digital currencies is eventually banned in China and South Korea, bitcoin's price could fall even further. It steadied in Asian and European trading as investors paused for breath following a frantic 24 hours in which the token swung through a $2,600 range.

Spencer Bogart, research head and partner at Blockchain Capital, appears highly optimistic about Bitcoin despite its fall from grace to a value almost 50% below the $20,000 it hit on December 17 previous year. Ever prone to sharp fluctuations, the cryptocurrency's price rallied later in the evening in an unexpected turnaround. South Korea announced a few days that they were seeking out ways to regulate cryptocurrencies, with rumors of an outright ban.


A petition to the Blue House, South Korea's presidential residence, demanding a stop to regulating virtual currency has reached 200,000 signatures and will now get an official response.

Other popular cryptocurrencies ethereum and ripple also have posted double-digit losses.

A number of these companies have changed their names and shifted their focus to cash in on the cryptocurrency wave.

It is notoriously hard to be certain of what causes moves in Bitcoin's value - the asset has been much more volatile than most traditional currencies and commodities to date - but speculation that regulators may be about to restrict trade has been causing concern.

Ethereum, the second-largest cryptocurrency by market value, was down 18 percent since Tuesday, according to website CoinMarketCap.

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