Bitcoin falls below $10000 as crypto rout continues

Prices have now fallen 52 percent since bitcoin’s all time high $19,343.04 in December.

Analysts point out that the pullback seems to be coming from a lack of buyers in Asia, particularly the main markets of Japan and South Korea, which previous year were reportedly accountable for approximately 74per cent of global bitcoin trades.

South Korea is the third-largest country in the world for bitcoin trades, and there are around a dozen exchanges operating in Seoul.

“Having said that, this narrative has been around for many weeks now and isn’t really new but it has once more raised the spectre of tighter regulation on this market”.

China is also said to be considering cutting off access to online services – both foreign and homegrown – that allow people to trade digital currencies, such as exchange websites. On Tuesday South Korea’s finance minister said that banning trading in digital currencies was “a live option” and China’s central bank is reportedly pushing to ban cryptocurrencies.

The Bitcoin continues to fluctuate slight over 10,000 United States dollars falling 26% in Asian trade and continue its free fall during the European session.

2017 has seen the cryptocurrency rise all the way from the $1,000 mark at the start of the year, as it gains traction across mainstream markets.

Spooked investors are selling their cryptocurrency as value tumbles.

Such measures would discourage the use of digital currencies altogether.

Ripple, Ethereum, Bitcoin cash and all other cryptocurrencies lost the major portion of their value in the last two days. But after the statement from China and South Korea, it falls up to $10,000 Dollars on Tuesday.

Bitcoin has sunk a further 12% on Wednesday to below $10,000, halving in value from its peak price when it skyrocketed a year ago. According to Coinbase, so far, more than $50bn worth of digital currency has been exchanged worldwide by 10m people in 32 countries.

Cryptocurrencies are tumbling since hitting the peak on Jan 7 when the total crypto market capitalization had touched the level of $813 billion.

Reuters reported that it had seen an internal memorandum from government meetings that listed what went on at a meeting of Internet regulators and other policymakers.