Bitcoin falls below $10000

Bitcoin's'green issues

Bitcoin's'green issues

Bitcoin is down from record highs approaching $20,000 in the week before Christmas, having rocketed 25-fold a year ago, before being hit by concerns about a bubble and worries about crackdowns on trading it.

Both bitcoin and ether have lost more than 12 per cent of their value in the past day. South Korea has since dispelled any rumors of an outright ban of cryptocurrency, but the damage to the market had already been done. In comparison, Coinbase, which has in recent months, has over 10 million users, according to its website.

Also falling Tuesday were the prices of the world's other top cryptocurrencies, including ethereum and ripple.

Mr Bertani says that other cryptocurrencies rose alongside bitcoin, and many market watchers argued that this created unsustainable bubble-like market conditions.

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Bitcoin is not the only crypto-currency that has experienced a slump in value: Ethereum, Ripple, Litecoin, and Bitcoin Cash have also fallen in value dramatically in the last twenty four hours, according to the report. In South Korea, regulators warned they may shut down cryptocurrency exchanges, while China is said to have intensified its curbs on trading of the digital coins.

Just before the New Year, the Korean government said it planned to bar banks from offering anonymous Bitcoin accounts, requiring transactions to name participants.

Bitcoin is not the only cryptocurrency affected by the massive drop. According to reports, the price of bitcoin on some exchanges collapsed more than 20%, falling below the US$10,000 mark that the currency broke through in November of previous year.

Blockchain is the shared record-keeping technology underneath bitcoin and other cryptocurrencies.

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Bitcoin was first released in 2009, but it only really gained mainstream popularity in 2017.

South Korea is one of the major players globally in cryptocurrency trading and as such the government now fears exposure to money laundering and cyber-crime from across its northern border.

The Guardian offers a bit more detail, saying Chinese state media has reported that the government plans to eliminate cryptocurrency trading, and Russian Federation will likely further regulate cryptocurrency in the future.

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