Cryptocurrency prices tank due to regulatory fears

TheMerkle XRP Price $1.5

TheMerkle XRP Price $1.5

The Bitcoin price continued its descent overnight, it plummeted all the down to US$9,402 according to CoinMarketCap.

"Most people are buying bitcoin, not because of a belief in its future as a global currency, but because they expect it to rise in value", a note from economists at Capital Economics said Wednesday. The country had already imposed an outright ban on Chinese ICOs and exchanges earlier past year.

Such comment indicates the government is moving to clear the recent confusion around cryptocurrency regulation in South Korea, mainly created by opposite comments made by different government bodies.

"We've heard reports that South Korea, China and Japan have considered a shared approach, a path, to regulation", ETX's Wilson said, also citing a challenge to digital coins from a bill in the U.S Senate.

This is published unedited from the PTI feed.

South Korean officials have said they were contemplating shutting down the virtual currency exchanges that have popped up over the past year.

Ripple (XRP) Slides To Trade Below $1.90 Per Coin

Earlier this week, the Bloomberg news agency reported that the Chinese authorities were planning to restrict local access to crypto-currency trading platforms, having already taken steps to curb Bitcoin mining - the process that validates transactions.

The Office for Government Policy Coordination stated on January 15, 2018, saying that pulling the plug on virtual currency exchanges is just one of the many possible actions the government is deliberating on to protect investors from crypto volatility and speculations.

Chinese state media reported that the government planning to stamp out remaining cryptocurrency trading in the country following its crackdown a year ago. Ultimately, the early indications of cryptocurrencies bouncing back could suggest values will pick up again, just as they did previous year.

The ESMA warned retail investors against initial coin offerings in November and is monitoring developments in cryptocurrencies, Maijoor said.

Ethereum and Ripple, the No. 2 and No. 3 virtual currencies, tumbled after reports South Korea and China could ban cryptocurrency trading, sparking worries of a wider regulatory crackdown.

Zinedine Zidane denies Cristiano Ronaldo wants to quit Real Madrid despite struggles
Madrid go into the match following a painful home defeat to Villarreal which has ended their chances of retaining the Liga Santander title and with Zidane increasingly questioned for his tactics, training and team selection.

Recommended News

  • Manchester City vs. Liverpool Premier League live stream info, TV channel

    Manchester City vs. Liverpool Premier League live stream info, TV channel

    City have been forced into errors by speedsters like Crystal Palace's Wilfried Zaha and Manchester United's Marcus Rashford. Liverpool's second, third and fourth goal all came as a result of the visitors' poor decision-making at the back.
    Hazard says he'll sign Chelsea contract after Courtois

    Hazard says he'll sign Chelsea contract after Courtois

    The 27-year-old has so far refused to sign a lucrative new deal with Chelsea despite repeated attempts to conclude talks. The Belgium International also went on to say that goalkeeper Thibaut Courtois will be signing a new deal as well.
    Nintendo Direct Mini Unveils a Bunch of Upcoming Switch Games

    Nintendo Direct Mini Unveils a Bunch of Upcoming Switch Games

    FPS fans weren't left out either, with the previously announced Payday 2 finally confirmed to be launching on February 23. As with any new entry in a Nintendo mainstay, especially one based on a sport, look for some cool new crossovers.
  • Rocket sirens wail in southern Israel but IDF says false alarm

    Rocket sirens wail in southern Israel but IDF says false alarm

    Even so, Abbas reaffirmed his commitment to a two-state solution to the Israeli-Palestinian conflict. Trump stressed his recognition wasn't taking a position on the city's boundaries.
    Vote to Reauthorize Warrantless Surveillance a Blow to Free Expression

    Vote to Reauthorize Warrantless Surveillance a Blow to Free Expression

    Here's a White House statement from last night , opposing an amendment that would restrict intelligence surveillance under FISA . House Speaker Paul Ryan and Trump spoke following his first tweet on FISA , according to a source familiar.
    How did a car get wedged into a double-storey building?

    How did a car get wedged into a double-storey building?

    A minor fire broke out at the scene after immediate impact and the fire authority had to take cognizance of the affected area. Captain Stephen Horner of the Orange County Fire Authority said that a small fire was immediately extinguished.
  • Fireball lights up the sky -- what was it?

    Fireball lights up the sky -- what was it?

    A NASA account tweeted data from the GOES16 satellite that may have also caught the meteor entering earth's atmosphere . The meteor passed over metro Detroit and even caused a boom that registered a 2.0 on the Richter scale.
    DACA Recipients Can Apply for Renewal

    DACA Recipients Can Apply for Renewal

    Durbin, the only Democrat at the meeting, confirmed the comments. Trump's tweet drew a response from Sen. Dianne Feinstein in Los Angeles.
    Google Buys UK Audio Startup Redux

    Google Buys UK Audio Startup Redux

    Redux specialised in transforming any surface into a speaker and Google purchased the company late previous year . The US tech giant snapped up Cambridge firm Redux which can turn screens into speakers using haptic feedback.
  • Danish police charge 1000 youths for sharing underage sex video

    Danish police charge 1000 youths for sharing underage sex video

    For offenders over the age of 18, distributing child pornography could land them in jail for up to six years. Either of those punishments would give them a criminal record lasting for up to a decade, police have said.
    Tottenham Want To Bring NFL Team To London

    Tottenham Want To Bring NFL Team To London

    Tottenham Hotspur and the league will split gate receipts and food, drink and merchandise sales from NFL games there. It will also have customized features such as locker rooms, medical and media facilities and a dedicated entrance.
    Cops monitoring H&M protests at Gauteng malls

    Cops monitoring H&M protests at Gauteng malls

    H&M clothing stores in South Africa have been trashed today in response to the "monkey in the jungle" hoodie controversy. While nobody was arrested, police arrived and fired rubber bullets into the crowd scattering the protesters.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.