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.