news & articles

Your go to place to stay updated with the latest news and fun articles from the finance and crypto worlds.

ALERTS | ICOS | STOCKS | CRYPTOS | OPINIONS

© Copyright GGG Inc.

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.

Newsflash Bitcoin Price Plummets Near $11,000 in 2018-Low

Advertisement

Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.

Bitcoin price dropped to a 2018-low during Tuesday’s morning trading (GMT), losing over $2,300 (Bitfinex) in a 17% fall in just under 3 hours.

Dampened by regulatory scrutiny in Korea, home to one of the world’s biggest crypto markets, bitcoin and other cryptocurrencies continued their descent today. After opening Tuesday’s trading near $13,500 on USD-based Bitfinex, bitcoin price settled at $13,200 at 07:00 (GMT) before a collapse that led the world’s first cryptocurrency drop to a low of $10,891 near 10:00 AM.

At the time of publishing, bitcoin price is showing signs of a recovery in trading near $12,000.

Coinciding with Korea’s regulatory squeeze, multiple reports today have also pointed to a senior Chinese central bank official proposing a wider ban on cryptocurrency trading that would extend to both domestic and offshore trading platforms. The call for a ban includes cryptocurrency services such as mobile wallet apps and clearing and settlement providers in an effort to censor Chinese citizens from trading in cryptocurrencies.

Negating a momentary flash crash on December 23, today’s low is closer to bitcoin’s trading value in the first week of December when the cryptocurrency rode a wave of momentum to hit an all-time high near $20,000, nearly a month ago to the day.

At the time, markets were buoyed by the impending launch of bitcoin futures contracts by Chicago-based operators CBOE and the CME Group – signaling a trend of anticipation of Wall Street whales to get into the cryptocurrency ecosystem.

Bitcoin’s drop mirrors wider losses across the cryptocurrency market with nearly $147 billion wiped off since the turn of the day.

Click here for a real-time bitcoin price chart.

Featured image from Shutterstock.

Follow us on Telegram.

Advertisement

No Comments

Post A Comment