Rebound in Cryptocurrencies Prices Early Today, Ripple Surges over 50%

Bitcoin tumbles as fears of cryptocurrency crackdown linger

Bitcoin dropped more than 17 percent to a low of $11,182.71 on Tuesday, falling below $12,000 for the first time since December 5, according to CoinDesk. Overall market value dropped more than $200 billion that time too, with this week looking to be a repeat of what happened late previous year.

That said, there are other indications this slump is also a result of separate, more transient factors. After the speculations that the digital currency could be banned in South Korea, cryptocurrency's are facing a major fall around the globe.

Jackson, like other cryptocurrency analysts, believes bitcoin's upper limit may still be well above the $20,000 peak it hit in 2017, saying that it could be worth "100-times what it is today". It made waves in the news in early December, with the value of a single bitcoin skyrocketing to an all-time high of over $20,000. It steadied in Asian and European trading as investors paused for breath following a frantic 24 hours in which the token swung through a $2,600 range.

Reported in the Guardian this morning, Capital said that events over the last two days "suggest that the bubble is bursting" with bitcoin's price having a long way yet to fall.

On Tuesday morning, when markets in London opened, the combined market capitalization of all digital currencies stood at almost $654 billion.


In the parliament in Seoul, the Financial Services Commission chief executive said that the government was "considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law".

The shift toward tighter regulation sparked a strong negative reaction from many South Koreans, with thousands signing a petition to stop a ban on cryptocurrency trading. Coinbase, a leading bitcoin exchange, announced in November that it had an astonishing 13 million investors. The I-T department is trying to work out a way of assessing these virtual currencies for tax purposes.

"Cryptocurrencies and especially Bitcoin still have a lot to offer in 2018".

Bitcoin's slide triggered a selloff across the broader cryptocurrency market, with biggest rival Ethereum down 23 percent on the day at one point, according to trade website Coinmarketcap, and the next-biggest, Ripple, plunging by as much as a third.

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