Bitcoin's Slump Is Even Steeper Compared With Smaller Cryptos

Gladys Abbott
January 18, 2018

A higher number indicates greater price volatility with 50 describing an average day.

Charles Hayter, chief executive of CryptoCompare, said that many expected the cryptocurrency market to decline.

The matter is now being reviewed by the country's government. Business Insider reported that one of the analysts at the trading platform eToro said that "the declining volumes from Japan and South Korea appeared to be behind Tuesday morning's sell-off". But measures first need "serious" discussion among ministries, Kim added, holding out hope for traders that a crackdown won't go that far.

That's not all bitcoin holders are anxious about.

Authorities should also block domestic and foreign websites and close mobile apps that provide centralized virtual currency trading services to Chinese users, and sanction platforms that provide virtual currency payment services, Pan said. The value of the digital currency fell from an approximate RM56,000 to RM42,000 before ultimately stabilising around the RM43,000 mark. Young people are generally more interested in buying and selling digital currencies than their elders.

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The huge losses, however, are not just in Bitcoin. At its lowest point earlier, bitcoin has dropped to as low as $11,182 before bouncing back. The reason behind why the value drops varies. The cryptocurrency's price was buoyed as more and more investors poured money into the hype, with some even reportedly taking out mortgages for funds to invest.

XRP's downward spiral began early this year, when New York Times journalist Nathaniel Popper said on Twitter he was unable to corroborate numerous customers Ripple had claimed.

Bitcoin trading using the Korean won was about 3.3 per cent of the total among major currencies, compared with more than 10 per cent reached on several days over the past two weeks, according to cryptocompare.com data.

While bitcoin has declined by 12.65 per cent since yesterday, ethereum is down 17.45 per cent and Ripple XRP is down 21.05 per cent, at the time of publication.

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