Bitcoin Fell to $9,500 On Regulatory Concerns
Currently, Bitcoin is trading at: 11,159.9951, -95.00, or -0.84%, as of 9:45p GMT, the market is open.
The price of Bitcoin, the world’s biggest and best known cryptocurrency, fell to $9,500 on the Luxembourg-based Bitstamp exchange, the lowest since 1 December 2017.
Bitcoin peaked at almost $20,000 in December, but has since seen several large selloffs.
Other cryptocurrencies dove as well. Ethereum and Ripple were both down heavily after reports SKorea and China could ban cryptocurrency trading.
Analysts at Citi said Wednesday Bitcoin could halve again in value amid the current rout, adding that a possible fall to between the $5,605 and $5,673 area “looks very likely to be very speedy”.
With SKorea, Japan and China all making noises about a regulatory swoop, and officials in France and the United States vowing to investigate cryptocurrencies, there are concerns that global coordination on how to regulate them will accelerate.
Officials are expected to debate the rise of bitcoin at the upcoming G20 Summit in Argentina in March.
Bitcoin has plummeted before, it fell 93% in value over a 5-month frame in Y 2011. The last time Bitcoin more than halved in value was from November 2014 to January 2015.
A senior Chinese PBOC banker said authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services.
In Y 2017 cryptocurrencies enjoyed a boom, as mainstream investors entered the market and as an explosion in so-called ICOs (initial coin offerings) digital, token-based fundraising rounds drove demand.
The volatility of Bitcoin is as expected, and important, part of the journey to becoming a mature asset class. We expect the volatility to continue throughout 2018 but fundamentally believe that bitcoin is still in a Bull market.