{"id":59704,"date":"2018-01-17T22:32:25","date_gmt":"2018-01-17T22:32:25","guid":{"rendered":"http:\/\/www.bnreport.com\/bitcoin-drops-below-10000-as-downward-spiral-continues\/"},"modified":"2018-01-17T22:32:25","modified_gmt":"2018-01-17T22:32:25","slug":"bitcoin-drops-below-10000-as-downward-spiral-continues","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/bitcoin-drops-below-10000-as-downward-spiral-continues\/","title":{"rendered":"Bitcoin drops below $10,000 as downward spiral continues"},"content":{"rendered":"

Bitcoin dropped below $10,000 today having halved from its peak of nearly $20,000<\/a> as fears of a regulatory clampdown persisted.<\/p>\n

The cryptocurrency dropped to as low as $9,801, its lowest point since before December, according to Coindesk's aggregate price index.<\/p>\n

Bitcoin's market cap has shed tens of billions of dollars since Monday as the digital currency lost favour with traders. It fell to below $170bn today from about $240bn on Monday.<\/p>\n

Rival cryptocurrencies also fell below key levels, with ethereum dropping hundreds of dollars from well over $1,000 to trade below $900 and Ripple dropping under $1.<\/p>\n

Read more<\/strong>: There's a joke cryptocurrency based on Theresa May<\/a><\/p>\n

The sharp losses began yesterday in response to reports of South Korea\u2019s finance minister hinting that banning trading in cryptocurrencies was still an option. He said the government was planning measures to clamp down on the \u201cirrational\u201d cryptocurrency investment craze.<\/p>\n

A top Chinese central banker also said yesterday that authorities should ban centralised trading in cryptocurrencies.<\/p>\n

"Market jitters over South Korea potentially banning cryptocurrency trading has effectively eroded investor appetite for bitcoin," said Lukman Otunuga, research analyst at FXTM, adding that further losses could be on the cards.<\/p>\n

Despite the huge losses, Dennis de Jong, managing director at UFX, said it was still too early to suggest whether the bubble has completely burst.<\/p>\n

"This could be the \u2018price adjustment\u2019 that market experts had warned of lately," he said.<\/p>\n

\u201cThe majority of those experts maintain that market volatility is to be expected, so don\u2019t be surprised to see a resurgence in bitcoin in the coming weeks \u2013 it\u2019s unlikely that there will be any large-scale panic departures from the market just yet.\u201d<\/p>\n

Read more<\/strong>: Bitcoin tumbles below $12,000 as it sheds nearly $1,000 in an hour<\/a><\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf]
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\n <\/p>\n

CityAM<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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