Bitcoin falls under $10000 in continued Cryptocurrency descent
18 January, 2018, 14:16 | Author: Irene Delgado
South Koreareported that cryptocurrency investors must convert their virtual accounts into real-name ones or face fines for refusing, according to South Korean authorities.
The South Korean government said last week that Seoul was preparing to ban cryptocurrency trading platforms, before backtracking and saying it was only one of the measures being considered by the Ministry of Justice.
"[That] is obviously running very, very true with bitcoin". People are selling to try and get the hell out of there.
Officials in Denmark, Japan and Singapore have already issued warnings about trading Bitcoin and other cryptocurrencies.
"The government stance is that it needs to regulate crypto-currency investment as it is a largely speculative investment", its finance minister Kim Dong-yeon said in a radio interview on Tuesday.
As an investor, he said he saw Wednesday's crash as a temporary thing, and a good opportunity to buy cryptocurrencies.
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It also follows moves in China to clamp down on trading in digital currencies.
"My conjecture is that cryptocurrency holders are trying to decide whether to abandon bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them".
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. Bitcoin, despite some stabilization in late U.S. trading, was half its record peak of nearly $20,000 set on the Luxembourg-based Bitstamp exchange a month ago.
The world's biggest virtual currency plunged as much as 20 percent during the day, while other crypto units such as Ethereum and Ripple also took big hits.
"There's no way you can rationalize that there's any value in the market at the moment; everything is significantly overpriced", he added.
Bitcoin bulls say this isn't the first time bitcoin has gone through a rough patch to start the year, nor the first time it has been under regulatory pressures.
The digital currency was valued at over $19,000 last December.
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