All the leading digital currencies have been experiencing price drops recently as the volatility of the market continues to make its presence known. Digital currencies like Bitcoin, Bitcoin Cash, and Ethereum are seriously sinking deeper into the red, having experienced a significant decrease in their prices ranging from hundreds of dollars to over a thousand dollar.
The value of bitcoin has drastically declined in the last twenty-four hours. Presently, the digital currency is hovering around $8,475 – about $600 less than its value yesterday. Before that, the cryptocurrency saw a significant high of about $9,800, but later declined to $9500 during the weekend, and dropped to $9300 within a period of 48 hours.
This means the digital currency saw a decrease of $1,200 within a period of five days.
There are lots of factors that led to the decrease in price. One of those factors is as a result of South Korea, a fast-growing blockchain and digital currency hub that presently accounts for about 25 percent of the digital currency trades in the world.
One of the most popular and largest digital currency trading platforms in the country – Upbit, has been invaded by government authorities, hence, reawakening the impression that South Korea heightening regulatory scrutiny in the cryptocurrency industry.
Ethereum has lost almost $100 from its previous trading value of $752. The current value of Ethereum is about $680. Nevertheless, awareness and respect for the digital currency can increase in the forthcoming weeks as a UK-based digital currency trading company – Crypto Facilities announced that it will start trading ETH futures in the tradition of XRP futures and BTC futures.
The Present Value of Ripple
Ripple has also seen a significant loss from its previous value at 80 cents down to 69 cents – which is the current value. Irrespective of the drop in value, the partnerships of ripple continues to grow.