link3822 link3823 link3824 link3825 link3826 link3827 link3828 link3829 link3830 link3831 link3832 link3833 link3834 link3835 link3836 link3837 link3838 link3839 link3840 link3841 link3842 link3843 link3844 link3845 link3846 link3847 link3848 link3849 link3850 link3851 link3852 link3853 link3854 link3855 link3856 link3857 link3858 link3859 link3860 link3861 link3862 link3863 link3864 link3865 link3866 link3867 link3868 link3869 link3870 link3871 link3872 link3873 link3874 link3875 link3876 link3877 link3878 link3879 link3880 link3881 link3882 link3883 link3884 link3885 link3886 link3887 link3888 link3889 link3890 link3891 link3892 link3893 link3894 link3895 link3896 link3897 link3898 link3899 link3900 link3901 link3902 link3903 link3904 link3905 link3906 link3907 link3908 link3909 link3910 link3911 link3912 link3913 link3914 link3915 link3916 link3917 link3918 link3919 link3920 link3921 link3922 link3923 link3924 link3925 link3926 link3927 link3928 link3929 link3930 link3931 link3932 link3933 link3934 link3935 link3936 link3937 link3938 link3939 link3940 link3941 link3942 link3943 link3944 link3945 link3946 link3947 link3948 link3949 link3950 link3951 link3952 link3953 link3954 link3955 link3956 link3957 link3958 link3959 link3960 link3961 link3962 link3963 link3964 link3965 link3966 link3967 link3968

Tag: bitcoin slump

Bitcoin jolted by regulation worries, falls 7 percent on extended selloff

Bitcoin jolted by regulation worries, falls 7 percent on extended selloff

Bitcoin jolted by regulation worries, falls 7 percent on extended selloff

TOKYO/SINGAPORE (Reuters) — Bitcoin extended its sharp tumble of the past 24 hours, skidding more than seven percent on Wednesday in a rapid downturn in fortunes as investors were spooked by fears regulators might clamp down on an asset whose value has skyrocketed in the past year.

The price of the world’s biggest and best-known cryptocurrency fell to as low as $10,567 on the Luxembourg-based Bitstamp exchange, not far from its six-week nadir of $10,162 touched the previous day. The session’s high was $11,794.07.

It led the fall in cryptocurrencies, although others such as Ethereum and Ripple, have also slid sharply this week after reports South Korea and China could ban trading, sparking worries of a wider regulatory crackdown.

 

“Cryptocurrencies could be capped in the current quarter ahead of G20 meeting in March, where policymakers could discuss tighter regulations,” said Shuhei Fujise, chief analyst at Alt Design.

 

At its lows on Tuesday, Bitcoin had fallen 25 percent in the session, its biggest daily decline in four months. It was a far cry from its peak close to $20,000 in December, when the virtual currency had risen nearly 2000 percent over the year.

 

Tuesday’s decline followed reports that South Korea’s finance minister had said banning trading in cryptocurrencies was still an option and that the government plans a set of measures to clamp down on the “irrational” cryptocurrency investment craze.
 

Separately, a senior Chinese central banker said authorities should ban centralised trading of virtual currencies as well as individuals and businesses that provide related services.

 

“Bitcoin is deciding whether this is the moment to crash and burn,” said Steven Englander, head of strategy at New York-based Rafiki Capital.

 

“My conjecture is that cryptocurrency holders are trying to decide whether to abandon Bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them.”

Bitcoin futures maturing on Wednesday on the Cboe Global Markets Inc’s Cboe Futures Exchange were at $10,740, with 1,586 contracts traded, after having opened at $10,850. The open interest was 2,895 contracts. The Cboe 14 March 2018 contract was quoted at $11,130.

The futures are cash-settled contracts based on the auction price of bitcoin in U.S. dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.

The MVIS CryptoCompare Ripple Index, which covers the performance of a digital assets portfolio which invests in Ripple (XRP), a cryptocurrency developed by Ripple Labs, dropped 15 percent to $7,298 on Wednesday.

That equity index has seen a 66 percent slide in its value since the start of the year. Ripple itself was quoted at $1.15 on website CoinMarketCap, down from a high of $3.81 on Jan 4.

“The run-up in Bitcoin created a mystique of one-way trading which is being shaken but the pricing requires faith that there will always be demand,” Englander wrote.

“This is far from guaranteed given the existence of alternatives with better characteristics.”

 

Reporting by Hideyuki Sano in TOKYO; Writing by Vidya Ranganathan; Editing by Shri Navaratnam

Our Standards:The Thomson Reuters Trust Principles.

 

Posted By David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

Alan Zibluk Markethive Founding Member