Ethereum, Ripple and even Dogecoin values plunge as bitcoin alternatives are hit by new rules banning anonymous trading

Only five of the 100 biggest digital currencies have increased in value over the past 24 hours

Aatif Sulleyman
Tuesday 23 January 2018 14:36
Comments
What is Bitcoin and why is its price so high?

As bitcoin’s price continues to drop, alternatives to the cryptocurrency are also declining.

At the time of publication, all of the top 39 digital currencies by market capitalisation have fallen in value over the past 24 hours, according to CoinMarketCap.

Only five of the 100 biggest digital currencies have increased in value over the same period.

South Korea has announced new digital currency regulations, which ban people from trading them anonymously.

Over the past 24 hours, bitcoin has fallen by 8.29 per cent.

Ethereum, the second most valuable digital currency, is down 8.87 per cent while Ripple XRP, the third most valuable digital currency, is down 4.87 per cent.

Bitcoin Cash and Cardano, which complete the top five, are down 8.85 per cent and 8.98 per cent, respectively.

Dogecoin, which was originally created as a joke, is down 10.13 per cent.

Syscoin has suffered the biggest decline of the top 100 digital currencies, having fallen by 19.45 per cent.

Bitcoin’s value has dropped repeatedly over the past week, amid fears that the trading of digital currencies was about to be banned in South Korea and China.

The South Korean government has now announced that, from next week, everyone trading digital currencies in the country will have do so using their real names.

The measure, which will help authorities trace digital currency transactions, is designed to prevent bitcoin being used for criminal activities.

South Korea will also prevent foreigners residing outside South Korea who do not have local bank accounts and people younger than 19-years-old from buying or selling bitcoin and other digital currencies.

Once the new system is in place, existing accounts that have already been used for cryptocurrency trading will no longer be valid.

We’ve teamed up with cryptocurrency trading platform eToro. Click here to get the latest Bitcoin rates and start trading. Cryptocurrencies are a highly volatile unregulated investment product. No EU investor protection. 75% of retail investor accounts lose money when trading CFDs.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in