Bitcoin price latest: Cryptocurrency plunges past $10,000, half of its previous value

Digital currencies are in free fall after suggestions that trading could be banned

Andrew Griffin
Wednesday 17 January 2018 15:23
What is Bitcoin and why is its price so high?

Bitcoin is now worth less than $10,000, half its value just a few weeks ago.

The price of the cryptocurrency – as well as others like ethereum and ripple – have been plunging in recent days amid fears that regulators could launch a crackdown on trading digital currencies.

The latest fall began when South Korea's most senior financial politician said that the country was going to introduce stringent new regulations, and could even ban trading outright. That suggestion was followed by a similar one from China, which said it could also ban the sale of digital currencies.

That news sent bitcoin into a spin, as well as other cryptocurrencies. Every one of the major digital currencies has been plunging over the last 48 hours, amid fears that the high prices of recent weeks have finally come to an end.

The price of bitcoin has continued to fall, after it fell through the $10,000 mark. It is at $9,550 at the time of publication and appeared to be set to fall even further.

That meant the price has dropped almost 50 per cent over the last month. In mid-December it had been skirting very close to the $20,000 mark – but has been falling back down since then, even before this week's panicked selling.

Bitcoin is still up 867 per cent over the last year.

The problem affecting bitcoin have also hit every other major cryptocurrency. Many of the largest names, including ethereum and ripple, had dropped even further than bitcoin, all 20 of the biggest digital currencies have dropped substantially over the last 24 hours.

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