The cryptocurrency crash is here

18 January, 2018, 14:19 | Author: Kim Reid
  • The cryptocurrency crash is here

Ripple, the third-biggest, has lost 18 percent of its value over the past 24 hours and was quoted at $1.03, down from a high of $3.81 on January 4. This news comes after the government closed cryptocurrency exchanges and significantly impacted the country's cryptocurrency scene, as well as the current steps towards banning initial coin offerings.

"These are all things that people have bought in the past, driving them to absurd prices, not because they did anything useful or produced money or had social value, but exclusively because people thought they could sell them on to someone else for more money in the future".

However, unlike other countries, it is not just the tech-savvy who have jumped on the Bitcoin band-wagon, but ordinary workers, housewives and even children, many of whom would never trade traditional stocks.

Bitcoin  US Dollar FX Chart Daily
The cryptocurrency crash is here

"There are no disagreements over regulating speculation", such as using real-name accounts and levying taxes on cryptocurrency trading, Finance Minister Kim Dong-yeon is reported to have said this week.

"I think regulation and interference by governments is one of the biggest challenges facing bitcoin", Craig Erlam, a senior market analyst at currency trading firm Oanda, told USA TODAY.

The South Korean government is seeking to ban the cryptocurrency. Don't blindly invest in something without doing proper and thorough research, and never invest what you can't afford to lose.

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China is also said to be considering cutting off access to online services - both foreign and homegrown - that allow people to trade digital currencies, such as exchange websites. That's the question a lot of people have been asking recently, and with renewed vigor today, given that the virtual currency has taken a massive tumble - indeed, it has just dipped below the $10,000 (£7,250) mark, nearly half of the peak it reached last month.

Among the cryptocurrencies to take a hit on Wednesday was ripple, which by 5pm was down 13.5 per cent - having recovered some of its earlier losses.

We asked if the Bitcoin price drop had affected you.

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Mr Aguillon, meanwhile, said the expiry date of the first bitcoin futures was approaching, which may also go towards explaining the sell-off. Other currencies like Ripple, Ethereum, BitcoinCash and Litecoin have experienced steep falls.

Analysts attribute the drop to concerns over possible new regulations, including perhaps a ban on its sale in South Korea, where some of the major cryptocurrency markets are located. While it has not been a good week for bitcoin, and cryptocurrency as a whole, it is safe to say we will definitely be seeing more news from it in the coming months.

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