Amid crackdown fears, Bitcoin slumps to six week low

Amid crackdown fears, Bitcoin slumps to six week low

According to a report by French daily paper Les Echos, Minister of Economy Bruno le Maire yesterday appointed former deputy governor of the Banque de France, Jean-Pierre Landau, as the head of a task force which will oversee the implementation of cryptocurrency regulations in the country. A significant amount of ethereum, around 10 per cent according to live trading site CryptoCompare, is traded against South Korean currency. CoinMarketCap, arguably the most prominent global index of cryptocurrency prices, said that Upbit ranked first in the world in terms of 24-hour trading volumes with 4.92 trillion won (US$4.62 billion), according to the data received from Upbit. Even Ethereum, which seemed bulletproof with a long run upward, has dropped back to just over $1000, a low for it not seen since January 5. At time of writing, only three of the top 100 by market capitalization are seeing gains in price today.

Regulators need to ban individuals or institutions that provide market-making activities, guarantees, or settlement services for centralized trading of the currencies, such as online "wallet" service providers, he said.

Cryptocurrencies have been heavily sold off, amid fresh fears of a major regulatory crackdown in South Korea. "But we don't expect to see a major sell-off".

"Explaining moves in bitcoin is always tricky but this plunge back to the December 22nd low may well be a result of recent signs that regulatory pressures are building", Wilson said in a note. "So this dip is not wholly unexpected".

"Volatility is quite common in the cryptocurrency world", said Mati Greenspan, a Tel Aviv-based analyst at investment firm eToro.

"Japan and South Korea usually dominate this market but over the last few days, the volumes have been dropping steadily". Ethereum was down more than 20 percent also in the last 24 hours to $1,051.83 before recovering slightly.

With more and more coins are appearing and alternative uses for blockchain being discovered it's going to continue to be a high-profile target for cyber criminals.

In the wake of bitcoin's price explosion and as more digital currencies flood the market, investors are looking for the next digital currency to get rich off of. Charles Hayter, CEO of Crypto Compare, said that investors were likely profit-taking as they prepared for risks ahead.

"In terms of cryptocurrencies, generally, I can say nearly with certainty that they will come to a bad ending", Buffett, nicknamed the Sage of Omaha, stated to CNBC.

So while the cryptocurrency market is indeed maturing properly with institutional players getting involved, there have been other developments that have been worrying.



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