Cryptocurrency Market Slumps Amid Reports of Possible Restrictions in Asia

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MOSCOW (Sputnik) – The global market of cryptocurrencies is tumbling with the most famous digital currency Bitcoin's value having decreased by 13 percent amid reports about possible introduction of restrictions in China and South Korea, trading statistics indicated on Tuesday.

CoinMarketCap showed that the Bitcoin's price dropped by 12.71 percent to $12,100 as of 09:27 GMT. At the Bitfinex cryptocurrency exchange trading platform, its value decreased by 12.6 percent to $11,890, while the Coindesk data revealed that the cryptocurrency's price sank by 11.67 percent to $12,000.

Other cryptocurrencies also faced dropping prices: Etherum sank by 18.78 percent up to $1,080, Ripple by 26.77 percent up to $1.35, Bitcoin Cash by 22.35 percent to $1,900. The volume of the cryptocurrencies market decreased 13 percent to $568.9 billion.

https://twitter.com/x/status/953210906682494976

On Monday, media reported that the Chinese authorities would block platforms for cryptocurrencies trading. Other reports indicated the South Korean Justice Ministry's plans to ban operations with cryptocurrencies in the country. On Monday, German Central Bank's head Joachim Wuermeling called for introduction of global regulation of cryptocurrencies use.

https://sputniknews.com/world/201801161060790911-cryptocurrencies-china-south-korea/

 

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Don't worry market will jump back, these conventional bankers and governments can't fathom and digest the idea of anonymous transactions. Cryptocurrenies are extremely volatile as they are in their infancy stage. Remember Bitcoin plunged to $200 from $1100 when MT GOX thing happened ?