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Plunging Bitcoin, Ethereum and other cryptocurrency market

Featured Image: Bryce Durbin

CyberWisdom Safe Harbor Commentary:

Today I came across this story from techcrunch.com that tells how Bitcoin prices had slipped 15% for the first time since December 4, dropping below $ 12,000. Meanwhile, Ethereum fell more than 20%, hovering above $ 1,000, and at the time of writing, Ripple dropped 33% to $ 1.23.

The price drop is having a huge impact. According to Coinmarketcap.com, the site is rapidly becoming a price checking tool, with only one of the 100 highest-value cryptocurrencies not red in the past 24 hours. This is a tether.

Bitcoin hit a record of nearly 20,000 U.S. dollars on December 16 a month ago.

Bloomberg reported yesterday that China is preparing to block domestic Internet users from accessing the international bitcoin exchange. Last year, China banned exchanges and ICOs in China.

Last week, the central government was trying to expel China’s bitcoin miner, believed to be the majority of the world. Many important names are already preparing for overseas expansion, but the news has shaken the market.

South Korea also has plenty of speculation about cryptocurrency regulation and plans, though the government has clarified that it has no plans to ban Bitcoin and cryptocurrency market transactions altogether.

Read more on its cryptocurrency market stat:

Jon Russell (@jonrussell)”> Look away now if you own bitcoin or other cryptocurrencies. This won’t be breaking news to you if you are invested, but today has seen the entire crypto market fall by double-digit percentages. The price of bitcoin slumped by 15 percent to drop below $12,000 for the first time since December 4. Ethereum, meanwhile, fell by over 20 percent to hover above $1,000 and Ripple is down 33 percent to $1.23 at the time of writing. The price drop is having a huge impact. According to Coinmarketcap.com, a site that is quickly becoming the go-to price checker, just one token inside the top 100 valuable cryptocurrencies isn’t in the red over the past 24 hours. That’s Tether. It’s a far cry from when bitcoin hit a record of close to $20,000 exactly a month ago on December 16. Engaging post, Read More…

thumbnail courtesy of techcrunch.com

S. Korea to Curb Cryptocurrency Speculation, but to Support Blockchain R&D

https://www.huffingtonpost.com/entry/s-korea-to-curb-cryptocurrency-speculation-but-to_us_5a5c9e96e4b01ccdd48b5e3cBy AsiaToday reporter Choi Tae-beom The South Korean government vowed Monday to keep pushing for real-name transactions and to deal sternly with illegal acts involving cryptocurrency trading. The government said it will make a decision on a proposed shutdown of all cryptocurrency exchanges after a government-level consultation, and the Office for Government Policy Coordination will take the role in coordinating the positions of the ministries. It also said that it will provide support to research and development relating to blockchain technology. In a briefing at the Seoul government office on Monday, Jung Ki-joon, a senior official at the Office for Government Policy Coordination, said, “We will respond strongly to cryptocurrency speculation and illegal acts, but we will provide support to research and development relating to blockchain technology.” The government has announced emergency measures to tackle overheating cryptocurrency market twice last year. However, there were confusion among the ministries, sparking confusion in the market and anger among investors. In particular, Justice Minister Park Sang-ki revealed last Wednesday that the government is preparing a bill to shut down all cryptocurrency exchanges in the country. The remark intensified investors’ opposition and even led to a series of petitions on the Cheong Wa Dae… S. Korea to Curb Cryptocurrency Speculation, but to Support Blockchain R&D

 

China reportedly plans to block access to foreign cryptocurrency exchanges

https://thenextweb.com/hardfork/2018/01/16/china-reportedly-plans-to-block-people-from-using-foreign-cryptocurrency-exchanges/Bloomberg reports that China is cracking down hard on cryptocurrency activity in the country by plotting to block domestic access to foreign exchanges and platforms that allow for centralized trading.<p>That’s worrying news for crypto enthusiasts in China, who have already seen local exchanges being …… China reportedly plans to block access to foreign cryptocurrency exchanges

 

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