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Bitcoin falls below $10000 as virtual-currency bubble deflates

Bitcoin falls below $10000 as virtual-currency bubble deflates

The cryptocurrency opened at $11,348, according to CoinDesk, and dropped over $1,600 to hit a low of $9,685, though it's since recovered slightly and is now trading at $9,702.

Around 1410 GMT, bitcoin stood at Dollars 9,807.56 to record its lowest value since December 1 and a plunge of nearly 50 percent since reaching a record high on December 18, according to data compiled by Bloomberg.

It all started at around 7am GMT on Tuesday, when the total market capitalization or value of every digital coin stood at $653.8 billion, according to data from Coinmarketcap.com, a website that tracks the price of cryptocurrencies by taking into account the prices across different exchanges.

In doing so, it would be going even further than China which, as reported in International Investment, is planning to turn off cheap power for bitcoin mining and last September banned initial coin offerings.

The slump has left investors fearing that regulators could clamp down on the volatile cryptocurrency.

In South Korea, more than 200,000 people have now signed a presidential petition imploring the government to reconsider a proposal to crack down on cryptocurrency -- an extraordinary public outcry and a clear sign that in South Korea, the failure of a virtual economy would have very real consequences.

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While its has recovered slightly, this has pushed Bitcoin below $10,000, half what it was worth at its peak. Debates are raging on social media regarding the significance of the drops experienced by Bitcoin and other cryptocurrencies. The magnitude of bitcoin's boom (before it lost as much as 48 percent from its December 18 high) suggests investors have reason to be anxious.

The price of bitcoin, the world's biggest and best known cryptocurrency, fell to as low as $10,0000 on the Luxembourg-based Bitstamp exchange, the lowest since December 1. In the process, the leading digital currency prompted the launch of futures contracts on some of the biggest exchanges in the world.

The most notable drop is Ethereum, which has fallen back below the psychologically significant level of $1,000.

Other digital currencies such as Ethereum and Ripple have faced similar losses. Pacific Time, according to tracking site CoinDesk.

Bitcoin is different from national currencies, which are supported by governments and central banks.

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.


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