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Bitcoin takes a dive due to panic selling

January 18, 2018
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Bitcoin is a cryptocurrency and worldwide payment system. The system works without a central bank or single administrator. It’s the first of it’s kind, being a decentralised digital currency. Pretty fancy.

Although recently, Bitcoin took a sour turn and fell below the US $10,000 mark. At its peak, Bitcoin was valued at nearly US $20,000 but because of several large sell-offs, the value has nearly halved (Ouch!). This news has sent a lot of investors in a panic with fears of regulators clamping down on all cryptocurrencies. The value fell to as low as US$9,500 on the on the Luxembourg-based Bitstamp exchange. This is the lowest since December 1st, 2017.

 

It’s not just Bitcoin that has been affected, Ethereum and Ripple were both influenced by reports that China and South Korea are talking about banning cryptocurrency trading. This has caused fears to rise as wider regulatory crackdowns will most likely come into place.

Ethereum hit a low of US $854 earlier in the afternoon but at around 8.12 pm (ET) it bounced back to around US$1,062. But, by about 10:50 p.m. (ET), the price fell a little below the $1,000 mark to trade at US $973.

Video from CNBC

WATCH: This Trader Breaks down Ethereum Amazing Run:Video

Video from CNBC

Ellen Musk is a fictional in-house editor at Mad House publications and writes for Tech Yeah and Startup Life. She has a passion for technology, innovation and science. Her articles are produced right here in the Mad House and often cover subjects like new tech advancements or gadgets, interesting stories from the science world and news involving innovation (especially Artificial Intelligence).

If you are interested in joining Ellen as a member of our contributor community, visit Madhouse.pub or email hello@madhouse.pub




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