Bitcoin sinks 20 percent as cryptocurrencies plummet

Bitcoin sinks 20 percent as cryptocurrencies plummet
Bitcoin sinks 20 percent as cryptocurrencies plummet

17 January, 2018

Bitcoin price dipped to the lowest level in the last six weeks, now trading close to the $12,000 mark.

The situation in South Korea could be described as confused at best, with some agency officials say they're preparing a bill to ban the trade of virtual currencies in the region, while others claim the government is merely looking to regulate exchanges.

Bitcoin was trading at $13,209.25, down 2.8 percent from the day before as of 7:13 a.m. GMT, according to Coindesk, after falling earlier by as much as 7 percent.

"Anybody that understands the technology knows there's going to be a correction - it's going to be a big correction and it's going to be indiscriminate, because there are no established fundamentals for anybody to distinguish between where there is and isn't value", Burke said.

Goldman Sachs Asset Management Jim O'Neill said "you must be mad" to invest in bitcoin, adding that the investment in bitcoin is only justifiable if the price drops 80% from the current level. Furthermore, the Chinese Central Bank said on Tuesday, they are planning to ban the centralized trading of cryptocurrencies.

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China shut down exchanges operating on the mainland previous year - a move that also sparked a selloff, though the market later recovered.

"South Korea holds some of the world's largest crypto-currency exchanges, so a ban is expected to disrupt Bitcoin trading", said a note from British consultancy Capital Economics, which also alluded to Chinese concerns of bitcoins's effect on financial stability.

"But we maintain our stance". Cryptocurrency is a murky market with frequent swings.

The latest tumble leaves bitcoin more than 40 percent down from the record highs of around $20,000 reached in mid-December, wiping about $125 billion from its "market cap" - the price of bitcoin multiplied by the total number of bitcoins that have been "mined", or released into the market. The Indian government has already set up a committee to formally suggest ways to regulate trade of Bitcoin and other cryptocurrencies.

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