Bitcoin Sheds More Than Half its Value as Regulatory Pressures Intensify
Yesterday, we reported that trader sentiment suggested that the Bitcoin slump could continue. Now, Bitcoin has just dipped below 10k for the first time since early December. 2018 has been a rough year so far for cryptocurrencies as increased regulatory pressures have put the volatile asset class under greater scrutiny.
Last year, Bitcoin hit an all-time high just shy of 20,000. But with rumors surfacing that South Korea and China will propose a ban on exchanges Bitcoin has fallen precipitously. This morning, Bitcoin dipped below 10,000 marking a 50% loss from its all-time peak. Regulatory oversight is seen has a major issue in the crypto world considering anonymity is one of the main allures to the digital currency market.
Chart 1: Bitcoin 4-hour Chart (December 2017 - January 2018)
At the time that this was written, Bitcoin continued to fall to 9663.67 as it struggles to find a support level.
--- Written by Dylan Jusino, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.