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| Bitcoin continues rapid slide as Russia and China stoke regulatory fears | Bitcoin continues rapid slide as Russia and China stoke regulatory fears |
| (about 23 hours later) | |
| Bitcoin dropped a further $2,000 in value, leading the general slide across cryptocurrency markets as investor confidence waivers | |
| Samuel Gibbs | |
| Wed 17 Jan 2018 12.16 GMT | |
| Last modified on Tue 6 Feb 2018 16.43 GMT | |
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| Cryptocurrencies continued their sharp tumble on Wednesday as bitcoin dropped by over 16% as continued fears of regulation from Russia and China dent investor confidence. | Cryptocurrencies continued their sharp tumble on Wednesday as bitcoin dropped by over 16% as continued fears of regulation from Russia and China dent investor confidence. |
| The price of the world’s biggest and best known cryptocurrency fell $2,000 to as low as $10,000, on the Luxembourg-based Bitstamp exchange, for the first time since November, and down from lows of $11,200 on Monday and $12,000 at 2pm GMT Tuesday. | The price of the world’s biggest and best known cryptocurrency fell $2,000 to as low as $10,000, on the Luxembourg-based Bitstamp exchange, for the first time since November, and down from lows of $11,200 on Monday and $12,000 at 2pm GMT Tuesday. |
| Bitcoin led the fall on other cryptocurrencies, including Ethereum and Ripple, over suggestions that Russia and China may crack down on trading. | Bitcoin led the fall on other cryptocurrencies, including Ethereum and Ripple, over suggestions that Russia and China may crack down on trading. |
| Bitcoin is the first, and the biggest, “cryptocurrency” – a decentralised tradeable digital asset. Whether it is a bad investment is the big question. Bitcoin can only be used as a medium of exchange and in practice has been far more important for the dark economy than it has for most legitimate uses. The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption – or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it is hard (but not impossible) to trace a bitcoin transaction back to a physical person. | Bitcoin is the first, and the biggest, “cryptocurrency” – a decentralised tradeable digital asset. Whether it is a bad investment is the big question. Bitcoin can only be used as a medium of exchange and in practice has been far more important for the dark economy than it has for most legitimate uses. The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption – or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it is hard (but not impossible) to trace a bitcoin transaction back to a physical person. |
| Chinese state media reported that the government planning to stamp out remaining cryptocurrency trading in the country following its crackdown last year, which saw Beijing shut down bitcoin exchanges and ban all initial coin offerings. | Chinese state media reported that the government planning to stamp out remaining cryptocurrency trading in the country following its crackdown last year, which saw Beijing shut down bitcoin exchanges and ban all initial coin offerings. |
| The Russian premier Vladimir Putin said on Tuesday that while the Russian Central Bank currently has sufficient powers, that “in broad terms, legislative regulation will be definitely required in future”. | The Russian premier Vladimir Putin said on Tuesday that while the Russian Central Bank currently has sufficient powers, that “in broad terms, legislative regulation will be definitely required in future”. |
| Shuhei Fujise, chief analyst at Alt Design, said: “Cryptocurrencies could be capped in the current quarter ahead of G20 meeting in March, where policymakers could discuss tighter regulations.” | Shuhei Fujise, chief analyst at Alt Design, said: “Cryptocurrencies could be capped in the current quarter ahead of G20 meeting in March, where policymakers could discuss tighter regulations.” |
| Makoto Sakuma, analyst at Tokyo-based NLI Research Institute, said trading volumes had been low despite the volatility. He said: “I would say the strong rally in bitcoin and other cryptocurrencies we saw last year is over. But while the rally phase is over, I don’t think it is right to say bitcoin is finished.” | Makoto Sakuma, analyst at Tokyo-based NLI Research Institute, said trading volumes had been low despite the volatility. He said: “I would say the strong rally in bitcoin and other cryptocurrencies we saw last year is over. But while the rally phase is over, I don’t think it is right to say bitcoin is finished.” |
| According to data from CoinMarkCap, the third-largest cryptocurrency Ripple has dropped to $1.07, down 22.8% in the last 24 hours and down from a high of $3.80 on 4 Jan. Similarly, Ethereum, the second most popular cryptocurrency, was down 15.5% to $926 and down from $1,431 on 13 January. | According to data from CoinMarkCap, the third-largest cryptocurrency Ripple has dropped to $1.07, down 22.8% in the last 24 hours and down from a high of $3.80 on 4 Jan. Similarly, Ethereum, the second most popular cryptocurrency, was down 15.5% to $926 and down from $1,431 on 13 January. |
| Bitcoin was fluctuating at around $10,200 on Bitstamp at time of publication on Wednesday. | Bitcoin was fluctuating at around $10,200 on Bitstamp at time of publication on Wednesday. |
| “Bitcoin is deciding whether this is the moment to crash and burn,” said Steven Englander, head of strategy at New York-based Rafiki Capital. “My conjecture is that cryptocurrency holders are trying to decide whether to abandon bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them.” | “Bitcoin is deciding whether this is the moment to crash and burn,” said Steven Englander, head of strategy at New York-based Rafiki Capital. “My conjecture is that cryptocurrency holders are trying to decide whether to abandon bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them.” |
| Initial coin offerings: cryptocurrency’s next high-risk big money maker | Initial coin offerings: cryptocurrency’s next high-risk big money maker |
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