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China Strikes Bitcoin, Drops Its Value 12%

20 January 2018, 04:20 | Virginia Santiago

China Strikes Bitcoin, Drops Its Value 12%

China Strikes Bitcoin, Drops Its Value 12%

"The January drop is a recurring theme in cryptocurrencies as people celebrating the Chinese New Year, aka Lunar New Year, exchange their crypto for fiat currency", said Alexander Wallin, chief executive of trading social network SprinkleBit in NY.

The petition calls for the government to not implement trading regulations that would destroy "a happy dream" that the cryptocurrency market has created in the country.

According to CoinDesk, Bitcoin opened trading at $11,348 in value today but has dropped down to $9,702.

Ripple's XRP, which is also known as ripple, surged more than 30 percent to $1.42 a coin, according to data from CoinMarketCap.

Bitcoin touched a peak of nearly $20,000 in December.

Regardless of the reasons some in the cryptocurrency community are happy that the market is seeing at least some degree of a correction, as it keeps realities in check and is generally better for the long-term prospects of the industry.

National Basketball Association suspends Rockets' Trevor Ariza and Gerald Green two games each
Brewer followed up her posts indicating that Paul was not involved in the covert mission to enter the opposing team's locker room. If he does play, he will be limited to 25 minutes per game initially, D'Antoni said.

Finance Minister Kim Dong-yeon said Tuesday that the administration is considering shutting down cryptocurrency exchanges, as suggested by Justice Minister Park Sang-ki last week. The talk has been around two of the biggest players China and South Korea which have been having a talk of completely banning cryptocurrency trading.

Interest in Bitcoin and other cryptocurrencies has skyrocketed, despite financial experts warning about an imminent crash.

Erik Voorhees, who is the co-founder and CEO of ShapeShift, a popular Bitcoin Exchange is very much for this proposal, and believes that the period of transition will be worth it.

In doing so, it would be going even further than China which, as reported in International Investment, is planning to turn off cheap power for bitcoin mining and last September banned initial coin offerings. The rebound back to the previous peak concluded in mid-February of 2017.

For traders and miners of cryptocurrency, yesterday was a day in which their digital wallets shrunk just that little bit more.

Recently, the cryptocurrency gained a lot of momentum but with reports of online accounts getting hacked in Korea has raised a concern regarding the future of the digital currency around the globe.



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