Bitcoin jolted by regulation worries, tumbles 11 percent on extended sell-off
18 January, 2018, 14:17 | Author: Katrina Soto
"You have more regulatory uncertainty ... and because of these falls, you have these other fallouts", he said, referring to the collapse of some cryptocurrencies. But it has drawn huge interest from traders, and its price has soared over the past year, and has also had several sharp drops.
"What we're seeing is part of the evolution of bitcoin", he said.
"With South Korea, 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".
"Some of the smartest people in the world are convinced this is going to the be the next big thing the way the internet was", said Dan Nathan, co-Founder and editor of RiskReversal.com, calling Ross's assessment of bitcoin "glib". Data from CoinMarketCap shows that numerous top cryptocurrencies remain in the red for the past 24 hours, including ether, which has fallen below $900.
The latest tumble leaves bitcoin down around 40 percent from a record high near $20,000 hit in mid-December, wiping about $130 billion off its total market value - the unit price multiplied by the number of bitcoins that have been released into the market.
Analysts put the fall down to regulatory concerns in South Korea, China and now Russian Federation.
The largest digital currency rose 1pc to $10,831 at 12:20pm in Hong Kong after slumping as much as 26pc Tuesday, according to Bloomberg composite pricing.
At the same time, others will be tempted to buy up bitcoin now, while it's relatively cheap, in the hope that the decline is only temporary.
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There has been reporting of more expected fluctuations in the price and market value of Bitcoin and other digital currencies since more and more venture capitalists are joining the crypto market.
Yesterday's decline was followed by South Korea's finance minister Kim Dong-yeon saying that banning trading in digital currencies was "a live option".
China is a bitcoin powerhouse, with 98 percent of all bitcoin trades in the last six months used the Chinese Yuan currency, according to Reuters.
I'm not sure that the cryptocurrencies will get back to the all-times values any time soon, if ever, the speculative craze seems to have lost a lot of its fervour for now.
A collection of Bitcoin (virtual currency) tokens are displayed in this illustration taken on December 8, 2017.
And North Korean computer hackers are believed to be stealing bitcoins from exchanges in South Korea.
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