Cryptocurrency market plummets as BTCC to shut down end of month

  • Cryptocurrency market plummets as BTCC to shut down end of month

Cryptocurrency market plummets as BTCC to shut down end of month

That's 770,000% in seven years!

This article is brought to you courtesy of ZeroHedge.

Still, the virtual currency is up more than six times from a year ago, with some participants convinced the bitcoin market is in a bubble. Then multiple newspapers and a few trusted Chinese sources reported the country could soon shut down all local bitcoin exchange platforms.

In comparison, data from Coinass suggested the degree of the latest drop in the bitcoin price is not larger than expected.

Namibia's central bank recently issued a paper outlining its unfavorable view of cryptocurrencies.

That's not the only thing keeping it volatile, of course.

Another driver of the volatility: bad press coverage of the currency itself.

Some experts think the wider acceptance and government approval is not as certain as bitcoin investors expect.

It follows an announcement by China's Bitkan earlier this week that it would suspend its over-the-counter bitcoin and bitcoin cash trading services from today, also citing the ICO ban. This has the result of amplifying the momentum of an upward or downward movement in the exchange rate, intensifying the volatility.

The chief executive of FlashFX, former Westpac banker Nicholas Steiger, said: "Bitcoin is like gold mining".

Panic also spread to other cryptocurrencies, with bitcoin's main rival ether - sometimes called ethereum - also down around 10 percent, according to Coinmarketcap. "Some would transfer to exchanges in Korea, not being sure whether trading bitcoins offshore is within legal boundaries".

Figuring out when to buy or sell has something with other investments: it's not without risk. "They also like to know who has it, where it is, where it's going".

The head of the Australian Digital Commerce Association Nick Giurietto said in Shanghai the Chinese crackdown "seems like a pause while the regulators build their views on this". Today, the JPMorgan CEO said that bitcoin was a fraud and the prices were just waiting to fall.

Dimon claimed even if bitcoin's value spiked to $100,000 it would still crash in time. By 1233 GMT, it was down 18 percent on the exchange, at 20,510 yuan.

Trusted digital money sites for the Bitcoin Index - including CoinDesk and CryptoCompare - demonstrate that a solitary Bitcoin is right now esteemed underneath $4,000 and has been hovering around the $3,700 check for many hours now. They're pretty cool, and you can customize by size and color.