The price of bitcoin has fallen below $10,000 for the first time since early December.
The cryptocurrency’s value has hit a low of $9,714.02 as of press time. The last time bitcoin’s price was below $10,000 was on Dec. 1, BPI data shows.
Over $200 billion wiped off the value of cryptocurrencies
More than $200 billion was wiped off the value of global cryptocurrencies at the peak of the sell-off
Bitcoin, ethereum and ripple, as well as other smaller digital coins fell sharply in price
The sell-off was sparked by talk of tougher regulation in the key markets of China and South Korea
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Bitcoin continues rapid slide as Russia and China stoke regulatory fears.
Bitcoin dropped a further $2,000 in value, leading the general slide across cryptocurrency markets as investor confidence waivers
Suggestions that Russia and China may crack down on trading
Bitcoin led the fall on other cryptocurrencies, including Ethereum and Ripple, over suggestions that Russia and China may crack down on trading.
Beijing had shut down Bitcoin exchanges and ban all initial coin offerings
Chinese state media reported that the government planning to stamp out remaining cryptocurrency trading in the country following its crackdown last year, which saw Beijing shut down bitcoin exchanges and ban all initial coin offerings.
Russia’s Legislative Regulation Over Cryptocurrencies
The Russian premier Vladimir Putin said on Tuesday that while the Russian Central Bank currently has sufficient powers, that “in broad terms, legislative regulation will be definitely required in future”.
Shuhei Fujise, chief analyst at Alt Design, said: “Cryptocurrencies could be capped in the current quarter ahead of G20 meeting in March, where policymakers could discuss tighter regulations.”
Bitcoin is finished?
Makoto Sakuma, analyst at Tokyo-based NLI Research Institute, said trading volumes had been low despite the volatility. He said: “I would say the strong rally in bitcoin and other cryptocurrencies we saw last year is over. But while the rally phase is over, I don’t think it is right to say bitcoin is finished.”
Ripple has dropped to $1.07, down
According to data from CoinMarkCap, the third-largest cryptocurrency Ripple has dropped to $1.07, down 22.8% in the last 24 hours and down from a high of $3.80 on 4 Jan. Similarly, Ethereum, the second most popular cryptocurrency, was down 15.5% to $926 and down from $1,431 on 13 January.
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