Bitcoin prices took a sharp downturn on Wednesday due to fears of a crackdown from South Korea, falling below $10,000, half the price of its peak a month ago. Its tumble to a low of $9,186 ( R112 644) pushed a monthlong rout past 50% and raised the specter that last year's 1,400 % rally was giving way to what many considered an inevitable bursting of the bubble. The post implicated an ideology that "one can easily make loads of money in a short time", which garnered considerable debate from various communities.
One person on Reddit wrote about persuading family members to buy digital tokens late in 2017 and regretting it.
Short term traders within cryptocurrencies had their courage tested yesterday as a whirlwind of pressure on the major coins created large declines, some stability and then a rise in values.
The possibility that South Korea will ban or restrict virtual currency trading has weighed on traders' minds the last few weeks because the nation is a major market for currencies like bitcoin. Cryptocurrencies fell dramatically during early trading on Wednesday, wiping off nearly $2 billion from the total market capitalization.
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With South Korea being the third biggest market for bitcoin, the regulatory plans have caused some investors to sell in anticipation of further share price drops.
"Traditionalists who declare cryptocurrencies a fad are akin to King Canute trying to command the tides of the sea to go back", said Nigel Green founder and Chief Executive of Devere. Other cryptocurrencies include Ethereum and Ripple.
"There are a great many investors that are excited to see Bitcoin below $10k as a second opportunity to enter at a price they feared they'd never see again", BlockTower's Paul said. First, national and local authorities should shut down venues that provide centralized trading of virtual currencies.
In September previous year, EYE reported how Worcestershire-based high street letting agent Property Plus would allow agency fees and deposits to be paid in Bitcoins.
Off regulatory issues, BitConnect, who was on a very long losing stick, now has surprisingly grown in its price right after the developer's team has announced the shutdown of their lending and exchange platform. On Tuesday, reports that China and Russian Federation may enact more regulations around cryptocurrency exchanges sent Bitcoin, Ethereum, and Ripple dropping billions off their market caps.