Bitcoin drops below $10,000 and is now 50% dropped compared to last month. The world’s largest currency Bitcoin was trading at $9,511.64 at about 10:50 a.m. U.S time on Wednesday, according to Coinmarketcap. If we study the graph that shows the last time bitcoin fell below the $10,000 was in November 30, 2017. But that time was not dropped like 50% from past months. Approx $30 billion was moved off the cryptocurrency’s market value in the last 24 hours.
Bitcoin And Social News
Bitcoin also marked a record high of $19,343 last month, but has since been on a gradual decline. At its current bitcoin price, it is now down 50 percent from that all-time high.
On Monday, Bloomberg reported that “authorities in China were planning to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading. Regulators will also target people and companies that provide market-making, settlement and clearing services for centralized trading, the publication said, citing unnamed sources”.
And on 16th January 2018 Tuesday, a Chinese central bank official reportedly said that authorities should ban the centralized trading of crypto currencies.
Charles Hayter, CEO of CryptoCompare, said that many expected the cryptocurrency market to decline. “The market chart got red and dislocated from trend. Most number of investors was expecting this correction and reversion to mean.” Charles Hayter said that panic was “leading the herd to sell with no other justification than fear,” but added that it was “difficult to say” where the market would be headed next.
Bitcoin and other cryptocurrencies are extremely volatile assets. Trading experts saying that the introduction of futures contracts for btc from the likes of CME and Cboe would take the crypto currency somewhat and bring in more institutional money.
Today John McAfee also shared his thoughts on twitter that “Everyone Relax! The Crypto dip was caused by Mike Bell of JP Morgan claiming Governments could ban cryptocurrencies. Well … how? This is the same company that called BTC a fraud. It’s a bank FFS. They are rightfully terrified of what we are doing. But it can’t be stopped”.
Hope For The Best.