Bitcoin crashes below $12000: Other cryptocoins too slump fearing crackdown

South Korea split over cryptocurrency measures

The shutdown of virtual currency exchanges is still one of the options (that the government has).

The value of bitcoin dropped by nearly 15 percent on Tuesday to as low as $11,182.71 from an opening price of $13,585.90, according to data from Coindesk. This made it the fourth most widely used currency for trading bitcoin, after the United States dollar, the yen and the euro.

Most major digital currencies suffered massive drops over the last 24 hours, but one token actually appeared to have posted gains.

"Explaining moves in bitcoin is always tricky but this plunge. may well be a result of recent signs that regulatory pressures are building", said Neil Wilson, analyst for ETX Capital, as several countries, notably China and South Korea, target a crackdown.

"Bitcoin has dropped below $12,000, a level not seen since early December".

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South Korea, another large cryptocurrency market, is also considering stricter regulation.

Last year, regulators banned initial coin offerings, shut down local cryptocurrency trading exchanges, and limited bitcoin mining.

Bitcoin tumbled by nearly 18 per cent today to $11,000 - a four-week low - after reports that the governments of China and South Korea were looking to ban trading of cryptocurrencies. This means that the current market cap of the cryptos is $584 billion, and on January 7th, the market cap was at $832 billion. The source added that small peer-to-peer transactions aren't being targeted. A report published yesterday by Bloomberg said China was clamping down on online platforms and mobile apps that offered cryptocurrency trading services.

While certain consumers who approached Roets for debt counselling had fallen victim to hackers and scams, in most cases big losses were incurred due to the volatility of the cryptocurrency market.

It is estimated that over 2 million South Koreans own some form of cryptocurrency as interest in Bitcoin and other digital coins has risen alongside the rapid rise in valuation. The Chinese authorities argue that cryptocurrencies such as bitcoin are attractive especially to illegal activities such as money laundering and fraud.

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