According to the latest financial news, Bitcoin and most of the other cryptocurrencies saw their plunge this Friday, as the digital currency bubble seems to be slowly bursting. This would not be breaking news for individuals who are invested, but today the market has seen the entire crypto-market fall by double-digit percentages.
The price of Bitcoin decreased by 15% to drop below $12000 and Ethereum fell over 20% that is close to $1000, followed by Ripple; which is down 33%. This has been a drastic fall from when the Bitcoin prices were as high as $20000 just last month, December 16.
According to Coinmarketcap.com, a site that is commonly used for checking the latest cryptocurrency prices reported that out of the top 100 highest valued currencies, only one is not in red. That’s Tether.
The reasons for the sudden drop in price aren’t still clear. The Bloomberg report published yesterday, January 15th, 2018 suggests that China is planning to block domestic internet users accessing international bitcoin exchanges. In addition to this, there has been a lot of speculation about Korea’s plan to regulate crypto. However, the government has clarified that it does not plan to put an all-out ban on crypto-trading.
The increase and decrease in the currencies aren’t anymore unheard of, as such is the nature of the space.
Keep reading iTMunch for more finance-tech news.