Tuesday 16th Jan, 2018 was not a good day for btc or crypto lovers. Market total capitalization got down to 585,113,860,044 as per current time. That means great number of amount withdrawn from crypto world.
Study and data analysis shows that reason for the red market is a statement issued yesterday by the South Korean finance Minister hints that while an outright ban might not be table, South Korea, which is the one of the most important crypto markets, is considering regulating the irrational craze about cryptocurrency.
The fears being also compounded by China, which has already banned initial coin offering. And some others operation involving digital currencies. Reports out of the country indicate that senior officials aiming to ban central trading of virtual currencies and people enabling crypto services. Russia is also reportedly preparing crypto regulation which will come into first half of the current year.
Why Bitcoin Going down Here is Analysis
Much news is surrounding the market. Now the bitcoin price sitting at 12001.14$ representing the total loss of (-15.96%) compare to last 24 hours. More than 1.9 Billion worth of btc was exchanged in the BTC/USD market representing a 41% share of daily volume, followed by the BTC/JPY pairs that represent at 30% share.
The Ethereum price has dropped by (-15.64%) as compare to last 24 hours. And currently sitting at 1120.46$, with over 820 Million worth of Ether exchanged in the past 24 hours on the ETH/USD pairs which has a 32% market share of the daily trading volume.
Hopping for market comeback but i think it will take time based on current condition.
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These information are compiled and taken from analysis and data. For more information you can visit coinmarketcap.com