Published: Thu, January 18, 2018
Technology | By Christopher Mann

Crypto crash: bitcoin and Ethereum plummet in value

Crypto crash: bitcoin and Ethereum plummet in value

Ross also advises caution on crypto cousins Litecoin and Ethereum, which have mirrored Bitcoin's fall.

The last day showed the fall of bitcoin exchange rate by 25%, falling to $10.5 million for the first time since December 1 previous year.

This has led to a massive sell-off across the market. These two are the main reasons for major fall in cryptocurrency in the past week. Since then, it's value has risen and dropped sporadically from day to day, dragging smaller cryptocurrencies such as Ether and Ripple along with it.

This is by no means the first crash to hit virtual coins.

More news: Former Saints receivers coach John Morton out as Jets offensive coordinator

The majority of other small cryptocurrencies are also under intense pressure. Overall market value dropped more than $200 billion that time too, with this week looking to be a repeat of what happened late past year.

That came amid news that a senior Chinese central banker had said authorities should ban centralised trading of virtual currencies and prohibit individuals and businesses from providing related services.

The minister confirmed that although banning trading altogether could happen it still had to be thoroughly reviewed by the government ministries. Kim told media: "There are no disagreements over regulating speculation", such as using real-name accounts and levying taxes on cryptocurrency trading.

Officials in Denmark, Japan and Singapore have already issued warnings about trading Bitcoin and other cryptocurrencies. A similar slump occurred in September when China banned start-up cryptocurrencies - known as initial coin offerings (ICOs).

More news: Kris Jenner: Thought Khloe will never have kids

What we believe is a major correction is healthy for the market. And after Bitcoin's 50 percent plunge in the past month took it through $10,000 Wednesday, they're prepping for the worst as key resistance levels approach.

Around 5:00 on Wednesday, the price of bitcoin has fallen to 9,730.42 dollars for a bitcoin, its lowest level since December 1 and a fall of almost 50% since its historic peak of December 18, according to figures compiled by the Bloomberg financial data provider.

Charles Hayter, chief executive of CryptoCompare, said that many expected the cryptocurrency market to decline.

More news: Rian Johnson Reacts to 'Star Wars

Like this: