Bitcoin and all other cryptos plunge as regulation looms

Bitcoin and all other cryptos plunge as regulation looms

South Korea Finance Minister Kim Dong-Yeon said in a radio program that "the shutdown of virtual currency exchanges is still one of the options the government has".

Although cryptocurrencies are extremely volatile and can have extreme fluctuations, the declines have been reported as being far more extreme than normal for the market.

Bitcoin users in India have been facing difficulties with deposits and withdrawals after the country's banks blocked all crypto-trading. Kraken apologised on Saturday "for the uncertainty our downtime has caused", saying it was now back on line.

According to data from cryptocurrency tracker Coinmarketcap, the Bitcoin price is now hovering around $11,900.

Cryptocurrencies have experienced a volatile start to 2018 after a huge rally previous year. A total of $200 billion was wiped off markets. And while Ethereum's Ether, Bitcoin Cash and Ripple's XRP vie to dethrone Bitcoin as the biggest crypto by market capitalization, the combined value of assorted smaller digital assets is overtaking the larger cryptocurrencies', except for Bitcoin, for the first time.

"Bitcoin dived below $12,000 today as it appears the regulatory noose is tightening", said Neil Wilson, senior market analyst at ETX Capital, in a note. "Meanwhile, there may be growing consensus among European regulators to act in concert".

At one stage, the cryptocurrency lost more than $1,000 in an hour before easing slightly.

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China plans to ban cryptocurrency trading in domestic markets along with blocking trader's access to offshore platforms.

Bitcoin tumbled as much as 20 percent Tuesday.

Since Bitcoin markets are the biggest, with all other currencies paired with BTC, a price drop for Bitcoin nearly invariably results in an overall market decline.

However, Prime Minister Lee Nak-yon said in a that shutting down the digital currency exchanges would require approval from the National Assembly.

South Korea has announced curbs on cryptocurrency speculation contributing to a massive slide in value of all major coins.

Bitcoin touched highs of $20,000 in December before plunging in the approach to Christmas. The cryptocurrency market is a lot different than it were a year ago; for starters, it's almost 4,000% bigger, and with the recent launch of Bitcoin futures and a huge number of upcoming blockchain-based projects, the stakes are much higher.

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