Sunday, 20 May, 2018

Bitcoin slides below $6000; half its value lost in 2018

Ripple price falls to four-day low on Monday Crypto-crash: Bitcoin and other cryptocurrencies tumble
Andy Castillo | 06 February, 2018, 15:35

Although other cryptocurrencies have come before, Bitcoin is the first decentralized cryptocurrency - Its reputation has spawned copies and evolution in the space.With the largest variety of markets and the biggest value - having reached a peak of 18 billion USD - Bitcoin is here to stay. At the very same time, it was reported that the United States regulators had subpoenaed to - a company that issues the coin and claims it's pegged to the dollar - virtual-currency venue Bitfinex and Tether, that also helped to further the selloff and driving down prices.

Despite the regulation attempts, bitcoin is still several hundred percent higher since January past year with rivals ethereum and ripple up several thousand percent.

Ripple's XRP crypto token is hovering around the $0.63 price tag on Tuesday after falling from $0.83 (£0.59) on Sunday.

The crypto market has been on the back foot since the start of the year, hit by fears of a regulatory crackdown and slipping Asian volumes.

South Africa's President Jacob Zuma under mounting pressure to quit
Julius Malema, an opposition leader and former ANC member, said on Twitter that Zuma had refused to stand down. Instead it will be held on February 22‚ after the Budget is tabled in Parliament.

The virtual currency hit a peak of nearly $20,000 in December. Both ethereum and ripple are also significantly off of their record highs. CoinDesk's bitcoin price index tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex.

"To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs", an article in Financial News, a publication affiliated to the People's Bank of China (PBOC) said, according to a report in the South China Morning Post.

Other worries are plaguing the digital currency market, particularly around a cryptocurrency called tether.

And India's Finance Minister Arun Jaitley said last week that the country wants to "eliminate" the use of digital currencies , though India is a minor player in cryptocurrencies and the government apparently has yet to act.

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