Thursday, 24 May, 2018

Price of Bitcoin in S. Korea Falls to Lowest Level in 2018

Bitcoin falls to $6000 as risk aversion hits cryptos Cryptos are dying, blockchain is thriving
| 07 February, 2018, 02:07

Gandham said that his company had seen a drop in interest from investors wanting to trade digital coins in recent weeks amid the sell-off, but that levels of interest remained far higher than before the fourth quarter of past year.

"This whole thing is a movie".

This continuous drop has seen investors count losses. "This is the real thing".

On the Luxembourg-based Bitstamp exchange, Bitcoin traded as low as $7,289 by 1430 GMT, having now fallen by more than half from a peak of nearly $20,000 hit in December.

Bitcoin gained more than 1,300 per cent previous year.

The hit list includes the top 10 Bitcoin exchanges, including Zebpay, Unocoin, CoinSecure and BtcxIndia, reports quoting sources aware of the matter said.

A 58-billion-yen theft from a Japanese cryptocurrency exchange last month also caused investors to flee from digital currencies.

The heads of the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission are also set to testify before the Senate Banking Committee on Tuesday.


While once looking like a surefire bet, the meteoric rise in Bitcoin's value from around $900 at the start of 2017 to over $20,000 in December followed by it's latest plunge which hit a low of under $6,800 underlines that now Bitcoin can only be a speculation, not a solid investment and certainly not a currency that ecommerce an rely on - there are few retailers who would happily lose 12% of their turnover by the end of a working day.

And on Monday, India said it was planning steps to make virtual currencies illegal within its payments system and to regulate the trading of crypto assets.

After a massive run-up past year, in which investors across the world piled into the market, cryptocurrency prices have skidded lower while regulators have stepped up warnings about the risk of investing in them. More to crackdowns several banks have also stopped the use of credit cards in the purchase of cryptocurrencies.

Still, many cryptocurrency backers said regulation should be welcomed and short-term price volatility is to be expected for a new market.

"Whenever you see a government banning cryptocurrencies, a bank banning, I think in many ways, that's them pulling the handbrakes up to better understand how to interact this technology", he added.

"This is an extremely volatile market", said Iqbal Gandham, managing director at trading platform eToro.

Banks in the US and Great Britain have also joined the Bitcoin boycott, fearing the digital money's value will continue to drop.

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