Bitcoin Falls 18 Percent Spilled on Trade Ban Issues

Agustiyanti,

Bitcoin exchange rate was down 18 percent on Tuesday (16/1) to the lowest in the last four weeks and close to US $ 11 thousand. (REUTERS / Dado Ruvic)

The exchange rate of Bitcoin was down 18 percent on Tuesday (16/1) to the lowest in the last four weeks and held US $ 11 thousand. The ban on digital money trading or cryptocurrency allegedly raises fears of crackdown from other regulators.

Quoted by Reuters, slipping Bitcoin's exchange rate, triggered a massive sell-off in the broader digital money market or cryptocurrency. According to the Coinmarketcap website, Bitcoin's biggest rival Ethereum dropped 23 percent on the same day. Similarly, with other digital currencies, Ripple plunged 33 percent.

South Korea's Yonhap news website reported that Finance Minister Kim Dong-yeon has told a local radio station that the government will produce a series of measures to suppress the irrationality of the 'irrational' cryptocurrency investment.

South Korea said on Monday that the plan to ban digital money exchanges has not been completed, as the government is still in talks to decide how to regulate the market.
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Based on recent data, Bitcoin was trading lower than US $ 11,191 in Luxembourg-based Bitstamp Exchange, down 18 percent. The fall of the Bitcoin exchange rate in a short time put a number of other digital currencies experienced the biggest weakening of the exchange rate in the last three years.

"This is mainly due to regulatory issues that haunt cryptocurrency with news surrounding South Korea's crackdown," said Chief Strategist Think Markets Naeem Aslam.

"But we maintain our stance, we do not think that a complete cryptocurrency ban rule can be done," he said.
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Cryptocurrency enjoys a remarkable rise in 2017, when major investors enter the market through initial coin offer (ICO) or digital token-based fund raising rounds. This prompted the demand for bitcoin and Ethereum.

The recent downfall of Bitcoin's exchange rate, making the digital money down more than 40 percent from a record high around $ 20,000 that occurred in mid-December. This caused its market capitalization to fall to US $ 130 billion.

News from South Korea comes as news of China's Central Bank Senior Officials say authorities should ban the trading of virtual currency centrally, as well as individuals and businesses providing related services.

Source :

https://m.cnnindonesia.com/ekonomi/20180116185515-78-269394/bitcoin-terjun-18-persen-terhempas-isu-larangan-perdagangan