Bubble popping? Bitcoin more than halves in insane 48 hours

Image Source CoinMarketCap

"You have more regulatory uncertainty.and because of these falls you have these other outfalls".

"Most people who were buying bitcoin and other cryptocurrencies most recently, are not using them for transactions, but holding them in the expectation of profiting from the endless rising price", Hussein Sayed, chief market strategist at FXTM, said in an email on Thursday morning.

Answering MP questions from the country's National Assembly in a national policy committee meeting, Choi Jong-ku, head of the Financial Services Commission (FSC), said the government was considering "both options" of either shutting down all virtual currency exchanges or the ones that are breaking the law. Such a ban would require a majority vote from the country's National Assembly, which the Evening Standard reports could take months or possibly years.

The Bitcoin continues to fluctuate slight over 10,000 United States dollars falling 26% in Asian trade and continue its free fall during the European session. The concerns related to the potential ban on cryptocurrency trading in South Korea have jolted its price in the last two sessions.

Ripple price is increasing substantially since the last few hours and has given investors and traders lot of joy by shaking off all the effects of the recent price decline registered yesterday.

Trump signs tax reform package into law
As he so often does, Trump dismissed the story as fake news. "We are compiling a long @ attractive list", he tweeted . But some in the GOP worry their party could face a political backlash without an aggressive public relations tour.

The sell-off appeared to be sparked by worries over tighter regulation in the key markets of South Korea and China.

Bitcoin soared more than 1,700 percent past year, hitting a record high just shy of $20,000 as institutional and retail investors snapped up the virtual currency on expectations of further steep increases. Just last week, South Korea's justice minister announced that his ministry is preparing a bill that would ban cryptocurrency exchanges. The market cap, and the price of some coins recovered slightly from that low, but are still significantly lower.

Ethereum, the second-largest cryptocurrency by market value, was down 15 percent since Tuesday, according to website CoinMarketCap.

Criticism of the free-wheeling, half-a-trillion-dollar world of digital coins issued nearly daily by regulators from Russia, South Korea to the US have put investors on the edge in the new year.

This sent the market into a frenzy, with many investors selling off their bitcoin and other cryptocurrencies in fear of it's value declining.

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