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Bitcoin, other cryptocurrencies tumble on government crackdown worries
Source: Reuters
#BUSINESS NEWS JANUARY 16, 2018 / 4:00 AM / UPDATED 32 MINUTES AGO
Bitcoin, other cryptocurrencies tumble on government crackdown worries
Jemima Kelly, Gertrude Chavez-Dreyfuss
4 MIN READ
LONDON/NEW YORK (Reuters) - Bitcoin slid as much as 18 percent on Tuesday to a four-week low, as worries about a regulatory crackdown on the market spread after reports suggested it was still possible that South Korea could ban trading in cryptocurrencies.
Bitcoin’s slide triggered a selloff across the broader cryptocurrency market, with biggest rival Ethereum down 23 percent on the day at one point, according to trade website Coinmarketcap, and the next biggest, Ripple, plunging by as much as a third.
Bitcoin traded as low as $11,191.59 on the Luxembourg-based Bitstamp exchange. BTC=BTSP In New York trading, it edged up to $12,078, but that was still down 11.2 percent, leaving it on track for its biggest one-day fall since September.
“With reports on a renewed crackdown on the cryptocurrency in China fueling anxiety over future restrictions, further losses could be on the cards (for bitcoin) in the near term,” said Lukman Otunuga, research analyst at FXTM in the UK.
-snip-
Bitcoin, other cryptocurrencies tumble on government crackdown worries
Jemima Kelly, Gertrude Chavez-Dreyfuss
4 MIN READ
LONDON/NEW YORK (Reuters) - Bitcoin slid as much as 18 percent on Tuesday to a four-week low, as worries about a regulatory crackdown on the market spread after reports suggested it was still possible that South Korea could ban trading in cryptocurrencies.
Bitcoin’s slide triggered a selloff across the broader cryptocurrency market, with biggest rival Ethereum down 23 percent on the day at one point, according to trade website Coinmarketcap, and the next biggest, Ripple, plunging by as much as a third.
Bitcoin traded as low as $11,191.59 on the Luxembourg-based Bitstamp exchange. BTC=BTSP In New York trading, it edged up to $12,078, but that was still down 11.2 percent, leaving it on track for its biggest one-day fall since September.
“With reports on a renewed crackdown on the cryptocurrency in China fueling anxiety over future restrictions, further losses could be on the cards (for bitcoin) in the near term,” said Lukman Otunuga, research analyst at FXTM in the UK.
-snip-
Read more: https://www.reuters.com/article/us-markets-bitcoin/bitcoin-other-cryptocurrencies-tumble-on-government-crackdown-worries-idUSKBN1F50UL
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