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Bitcoin crashes below $10,000, losing half its value since last month’s record Bitcoin crashes below $10,000, losing over half its value since last month’s record
(35 minutes later)
On December 17, the world’s most valuable cryptocurrency smashed the $20,000 mark. Exactly one month later, bitcoin has lost over half its value. The world’s most valuable cryptocurrency, bitcoin, has lost over half its value since it smashed the $20,000 barrier in mid-December. The price of the cryptocurrency dropped to $9,555 at 15:00 GMT on Wednesday.
The price of the cryptocurrency dropped to $9,724 at 14:35pm GMT on Wednesday. “The cryptocurrency market is experiencing a serious attack from speculators,” Gleb Zadoya, head of analytics at Analitika Online said in email comments to RT.
“The cryptocurrency market is experiencing a serious attack from speculators. The reason for the sell-off  are reports on the strengthening of regulation by the Chinese and South Korean authorities. After that, the exchange rate of many cryptocurrencies fell below important psychological levels,” Gleb Zadoya, Head of Analytics at Analitika Online said in a comment e-mailed to RT. “The reason for the sell-off are reports on the strengthening of regulation by the Chinese and South Korean authorities. After that, the exchange rate of many cryptocurrencies fell below important psychological levels.”
DETAILS TO FOLLOW On Tuesday, an official from the People's Bank of China said the country's centralized virtual currency trade needs to end, Reuters reported.
National and local authorities should ban venues that provide centralized trading of virtual currencies, including the largest one, bitcoin, PBOC Vice Governor Pan Gongsheng was quoted as saying.
“The financial work conference clearly called for limiting ‘innovations’ that deviate from the need of the real economy and escape regulation,” Pan said, according to a memo quoted by Reuters.
There have been reports that an increasing number of people were taking out mortgages to invest in bitcoin when it peaked at $20,000.
The collective market capitalization of all cryptocurrencies has dropped by more than $200 billion since Tuesday.
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