Bitcoin Breaks Below $6000 as Cryptocurrency Exodus Accelerates

Javier Stokes
February 7, 2018

On the Luxembourg-based Bitstamp exchange, Bitcoin fell to as low as $5,920, its weakest since mid-November, before recovering back above $6,000. With that drop, it has now shed over 50 percent for the current year. It's not a static feature. "This is the real thing".

The most hyped and perhaps dominating digital money in the world has now emerged as the most losing virtual currency of all time. The virtual currency hit a peak of nearly $20,000 in December, receding to around $13,800 at the start of the new year.

Ripple isn't the only cryptocurrency to have had an extremely volatile start to the year though. Ripple is basically a system of the real-time gross settlements (RTGS), in other words, it's a currency exchange and money transfer system, which has lost 18 percent of its value on Monday.

He commented: "Bitcoin - the world's highest profile and largest by market-cap cryptocurrency - slumped by 30 per cent last week".

The crash in cryptocurrency market is mainly because China bans foreign exchanges platform on trading cryptocurrency.

After peaking from December to early January, the value of a number of cryptocurrencies have kept on falling - in fact, some have approximately halved in price in the past two weeks.

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China and South Korea have already banned digital currencies, while Japan and Australia have taken steps to tighten Bitcoin regulations.

Bitcoin's downward spiral in value isn't poised to get any better, after a recent announcement from big credit card companies that they'll no longer allow customers to make bitcoin purchases with their cards.

Bitcoin has fallen in six of the last eight trading sessions.

"I think regulators need to learn how to interact with this technology and not stop this", Bloq's Roszak said. "Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies", Lloyds Banking said in the statement obtained by Fortune.

Iqbal Gandham, managing director at trading platform eToro said his company had seen a drop in trading interest from investors in recent weeks amid the selloff, but that interest remained far higher than before the fourth quarter of previous year.

The government of India is set to regulate bitcoin and other cryptocurrencies, said Economic Affair Secretary Subhash Chandra Garg.

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