"Most people who were buying bitcoin and other cryptocurrencies most recently, are not using them for transactions, but holding them in the expectation of profiting from the endless rising price". On Tuesday, reports that China and Russian Federation may enact more regulations around cryptocurrency exchanges sent Bitcoin, Ethereum, and Ripple dropping billions off their market caps. In the U.S., the Securities and Exchange Commission asked at least 15 funds to pull applications this month for bitcoin-related exchange-traded funds.
While South Korean authorities are debating a potential ban on local exchanges, China seems to be widening its crackdown on the industry.
South Korea has yet to make clear their stance on cryptocurrency trading. It steadied in Asian and European trading as investors paused for breath following a frantic 24 hours in which the token swung through a $2,600 range. Bitcoin was sitting at around $14,000 before it dropped to below $10,000, though it's climbed back up to more than $11,000 on Wednesday.
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She went on to slam the incident but later shaded the DA for claiming that the EFF should be made to pay for the damage caused. US President Donald Trump has also been criticized for allegedly describing African nations and Haiti as "shithole countries".
European Union states and legislators agreed in December 2017, on stricter rules to prevent money laundering and terrorism financing on exchange platforms for bitcoin and other virtual currencies.
On Tuesday morning, when markets in London opened, the combined market capitalization of all digital currencies stood at almost $654 billion. The country has seen a bitcoin craze, with young and old betting on the cryptocurrency to build wealth.
Last week, South Korea's justice minister said that his ministry was preparing a bill that could ban trading via some cryptocurrency exchanges. Other major cryptocurrencies-like ethereum, litecoin and ripple-have followed a similar pattern.
The mini cash was sparked by 3 things, BitConnect's collapse, associated parties dumping and speculators hammering BTC believing the BitConnect incident was a major event, in fact it was just a blip, serous players knew BitConnect was a scam from day 1 and avoided the bogus lending site.
"Claims that cryptocurrencies will replace established currencies are rubbish; our view is that bitcoin is a bubble", Capital's research note said.