Over $200 Billion Wiped Out Off The Value Of Cryptocurrencies

Bitcoins Slide To A Month-Low. Five Things To Know.

Bitcoin, ethereum and ripple lose £190BILLION overnight as cryptocurrencies markets plunges 30% over new crackdown fears

Chinese state media reported that the government planning to stamp out remaining cryptocurrency trading in the country following its crackdown previous year, which saw Beijing shut down bitcoin exchanges and ban all initial coin offerings.

The price of bitcoin, the world's biggest and best known cryptocurrency, fell to as low as $10,0000 on the Luxembourg-based Bitstamp exchange, the lowest since December 1. Other crypto-currencies have also experienced steep falls, including Ethereum, Ripple and Bitcoin Cash. China has already taken strict actions against cryptocurrency trading, while South Korea is preparing a bill to impose tough regulatory requirements.

More likely, the current round of panic-selling reflects the huge number of new investors that have flooded into the market in recent months.

Digital currency website Coinhills says South Korea is the third-biggest market for Bitcoin trades in the world, behind Japan and the U.S., and with over a dozen cryptocurrency exchanges. "Officials are expected to debate the rise of bitcoin at the upcoming G20 summit in Argentina in March", writes Reuters.

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Duterte himself singled out the publication in his State of the Nation address last July, claiming it is fully American owned. Rappler denied any wrongdoing, stating that neither of the company's two foreign investors retain ownership shares.

The South Korean government said last week that Seoul was preparing to ban cryptocurrency trading platforms, before backtracking and saying it was only one of the measures being considered by the Ministry of Justice.

In today's trading, the Bitcoin price stood at $11,304.50, as of 10:48 GMT.

Bitcoin's peak in January coincided with the launch of Bitcoin futures contracts, a moment that was seen as the digital currency entering the mainstream.

While its has recovered slightly, this has pushed Bitcoin below $10,000, half what it was worth at its peak. While it has not been a good week for bitcoin, and cryptocurrency as a whole, it is safe to say we will definitely be seeing more news from it in the coming months.

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Eran Eyal, chief executive officer of Shopin, a project that aims to be the decentralized Amazon of the virtual currency space, believes the efforts by governments will not affect bitcoin in a major way.

Ethereum, the second largest cryptocurrency by market value, was down 18% since Tuesday, according to website CoinMarketCap.

Ripple's XRP also followed suit; the cryptocurrency has nearly halved in value over the past week - from around the $2 mark to a low of $1.20 on Tuesday.

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