Bitcoin loses half of its value in 2018

Ivan Schwartz
February 7, 2018

Thanks to a seemingly never-ending string of bad news items, many cryptocurrencies have lost half their value or more this year. Here's the latest price action and news from the cryptocurrency world. Given that much of the value of the cryptocurrency market is based on the relationship between bitcoin, the coins dramatic price drop over the past month or so, has led to a dramatic decline across the board. Bitcoin is up by 7%, and most other leading cryptocurrencies are doing even better. Other major virtual currencies, including ethereum (Exchange: ETH=) and ripple (Exchange: XRP.BS=), fell sharply in the last 24 hours.

While once looking like a surefire bet, the meteoric rise in Bitcoin's value from around $900 at the start of 2017 to over $20,000 in December followed by it's latest plunge which hit a low of under $6,800 underlines that now Bitcoin can only be a speculation, not a solid investment and certainly not a currency that ecommerce an rely on - there are few retailers who would happily lose 12% of their turnover by the end of a working day. After a rough January, many digital currencies have spent the first week of February in a downward spiral.

One large business hub that has no plans to ban cryptocurrency trading is Singapore. Ethereum and Ripple are similar stories, up 32% and 31%, respectively, from the day's low.

Chat with other cryptocurrency enthusiasts and investors.

Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...

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During the CNBC TV18-Mint event on Budget 2018, Garg said the government will come out with a framework to regulate cryptocurrencies by the end of this financial year. Investor sentiment seems to have picked up for stocks and digital currencies, with bargain-seeking investors rushing in to take advantage of lower prices. Bitcoin is already under $8,000 in its darkest week on the grounds that April 2013, and the rest of cryptocurrency isn't going too nicely both.

Cryptocurrencies have seen their value take a serious hit since the Federal Bureau of Investigation and Governments started to crackdown alleged fraud in fundraising by some cryptocurrency companies and traders. $100,000 bitcoin ahead? Still, there are bullish voices in the market.

After a massive run-up previous year, in which investors across the world piled into the market, cryptocurrency prices have skidded lower while regulators have stepped up warnings about the risk of investing in them.

Prices steadied as Securities and Exchange Commission Chairman Jay Clayton reiterated in a Congressional hearing that he believes every initial coin offering he's seen is a securities sale and the agency already possesses the regulatory oversight needed for enforcement.

The major reasons for that fall are several.

Other reports by GizPress

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