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Cryptocurrency prices tank due to regulatory fears
February 21 2018, 05:32 | Irvin Gilbert
China Plans to Block Domestic Access to Chinese and Offshore Cryptocurrency Platforms
Around 5:00 on Wednesday, the price of bitcoin has fallen to 9,730.42 dollars for a bitcoin, its lowest level since December 1 and a fall of almost 50% since its historic peak of December 18, according to figures compiled by the Bloomberg financial data provider.
Like most of its cryptocurrency peers, Ripple suffered heavy losses in the past few days, as news that South Korea and China are considering introducing stricter rules on domestic cryptocurrency trading threw the market into turmoil.
Bitcoin tumbled below $10,000 Wednesday, bringing its loss to nearly 50 percent from a record set only a month ago.
Both announcements, which came amid ongoing attempts by the U.S. and Germany to clamp down on money laundering and related crimes, exacerbated volatility in the cryptocurrency markets, sending bitcoin prices tumbling, Reuters reported.
In South Korea, stopping the cryptocurrency trade is still an option that is being discussed.
Bitcoin has seen its share of peaks and troughs over the years but dipping from $20,000 to less than $10,000 in a matter of weeks was certainly unexpected.
Bitcoin and other digital currencies trade on private exchanges that have little regulation or protection for investors.
After falling to four digits earlier Wednesday, Bitcoin prices rebounded above $11,200 as some investors bought into the dip. The Ripple (XRP) price has grown by 26% over the last 24 hours and there's every chance it could keep going as traders fear missing out again.
This isn't the first time Bitcoin and other cryptocurrencies have seen huge swings in value.
The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency, which endured a rollercoaster ride at the tail end of 2017.
Experts think that the selloff was triggered by the belief that China and South Korea - both key cryptocurrency markets - may soon enact restrictions that could detrimentally affect these markets.
The mini cash was sparked by 3 things, BitConnect's collapse, associated parties dumping and speculators hammering BTC believing the BitConnect incident was a major event, in fact it was just a blip, serous players knew BitConnect was a scam from day 1 and avoided the bogus lending site.
Over 218,000 South Koreans have signed a petition on President Moon Jae-in's offical website against the regulation of virtual currencies.