Search

Bitcoin tumbles below $12,000 as it sheds nearly $1,000 in an hour

Bitcoin dipped below $12,000 this morning to a four-week low as the notoriously volatile digital currency shed nearly $1,000 in just an hour.

At the time of writing, the price of bitcoin had risen slightly, but it was still down 10.81 per cent at $12,324.40 a coin according to Coinmarketcap. Rival cryptocurrency ethereum also dropped nearly 20 per cent to $1,068.40 while Ripple tumbled more than 24 per cent to $1.41.

Bitcoin stole headlines throughout 2017 as it made a stunning rise from around $1,000 at the start of the year to highs of nearly $20,000 in December. However, over the holiday period the cryptocurrency dropped back down to earth. Since then, bitcoin has mostly traded between a range of about $13,000 to $15,000.

As bitcoin gained notoriety over 2017, it also drew more scrutiny. Last week it was hit hard when South Korea announced plans to outlaw trading in cryptocurrencies.

South Korean news website Yonhap today reported that the country's finance minister had told a local radio station that the government would be coming up with a set of measures to clamp down on the “irrational” cryptocurrency investment craze, according to Reuters.

Legendary investor Warren Buffett has also recently warned against it, saying bitcoin would "come to a bad ending".

Read more: The future of bitcoin: How crypto is touted to trade going forward

Let's block ads! (Why?)



Bagikan Berita Ini

Related Posts :

0 Response to "Bitcoin tumbles below $12,000 as it sheds nearly $1,000 in an hour"

Post a Comment

Powered by Blogger.