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Bitcoin Continues Rebound From Plunge Below $10000; Ethereum, Ripple Also Rally
19 January 2018, 01:55 | Katrina Lee
GETTYNEO can process transactions far more quickly than ethereum ripple and bitcoin
Although the value of Bitcoin has now picked up slightly, it's still a stark crash considering it hit its peak price of over $19,000 (£13,700) in mid-December - and has basically scratched off all the gains the cryptocurrency made.
Around 1410 GMT, bitcoin stood at United States dollars 9,807.56 to record its lowest value since December 1 and a plunge of nearly 50 percent since reaching a record high on December 18, according to data compiled by Bloomberg.
"You have more regulatory uncertainty. and because of these falls you have these other outfalls", he said, referring to the collapse of some cryptocurrencies within the recent slump in prices.
Bitcoin's gyrations in 2018 have investors, regulators and onlookers debating whether the speculative bubble has popped after a 1,400 percent ascent previous year.
The cryptocurrency market is volatile, and while Bitcoin's value fell by around 30% this week, the dip is a relatively minor occurrence compared to its long-term trend.
This is published unedited from the PTI feed.
Among Bitcoin-related stocks on the stock market today, Marathon Patent Group (MARA) soared 18%, Riot Blockchain (RIOT) rose 7% and Overstock.com (OSTK) was up 2.3%.
Bitcoin has been having a very hard month. Last the cryptocurrency saw meteoric rise, going from around 800 dollars in January of 2017 to almost $20,000 in December.
Answering MP questions from the country's National Assembly in a national policy committee meeting, Choi Jong-ku, head of the Financial Services Commission (FSC), said the government was considering "both options" of either shutting down all virtual currency exchanges or the ones that are breaking the law.
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