For the first time in 2018, Bitcoin price falls below $10,000. This continuos price drip is a serious concern for the cryptocurrency investors because all major currencies including Ehtereum is crashing too. At the time of writing this article, Bitcoin is trading at 9688.65 US Dollar.
The current Bitcoin price is lowest since December 1st last year. Ethereum also plunged 30% while the hot cake of 2018 – Ripple price has dropped below $1 making it a fall of 35% as per Coinbase.
There was clearly a significant speculative component to the rally late last year and the drop will be very discouraging to those that previously thought there was easy money to be made, Craig Erlam, Senior Market Analyst at Oanda trading group
Bitcoin has dropped below $10k in value from a 2nd week of December last year when the price nearly touched $20k. Analysts say, the concerns about the bubble and worries about crackdowns on trading the crypocurrency has resulted in the current price fall.
The panic-selling seen across all the major cryptocurrencies could be attributed to a possible regulatory clampdown in South Korea with authorities threatening to place an outright ban on cryptocurrency trading, David Cheetham, Chief Market Analyst at XTB.
Having said that, this narrative has been around for many weeks now and isn’t really new but it has once more raised the spectre of tighter regulation on this market.
Question arises, is the current price fall an alarm or an opportunity. What do you think?