Bitcoin, Ethereum, and Ripple Bounce Back After the Plunge

Bitcoin price jacks while Ripple topples

An estate agent has warned about the pitfalls of permitting house sale transactions in the cryptocurrency Bitcoin, as its value tumbled.

Other popular cryptocurrencies ethereum and ripple also have posted double-digit losses. South Korea announced a few days that they were seeking out ways to regulate cryptocurrencies, with rumors of an outright ban.

"There is a lot of panic in the market".

Thomas Bertani, CEO of Eidoo, said: "The hypothesis of South Korea banning cryptocurrencies, more than a driving factor, is really just an excuse for the market to rest down for a little bit before continuing with its growth. You have more regulatory uncertainty.and because of these falls you have these other outfalls".

According to the report, Hong Nam-ki, minister of the office for government policy co-ordination, said while government officials still hold different opinions over the issue, the meeting today expects to reach a decision on a cryptocurrency exchange regulation.

"Bitcoin is deciding whether this is the moment to crash and burn", said Steven Englander, head of strategy at New York-based Rafiki Capital.

According to Bithumb, South Korea's second-largest virtual currency exchange, the nation's bitcoin trading price stood at 15,697,000 won ($14,690.69) as of 0314 GMT on Thursday.

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Lee County schools also announced that after-school activities and extended day programs have been cancelled today. The district said those dates were reserved for make-up purposes on the 2017-2018 school calendar.

Mr Wilson described the collapse as a "tipping point" for Bitcoin, adding that it could see a move down to the $8,000 level.

Bitcoin's fall is part of a broader cryptocurrency sell-off. The country confirmed earlier this week that it was seeking to further clamp down on its restrictions against virtual currencies by eliminating cryptocurrency trading.

"Claims that cryptocurrencies will replace established fiat currencies are rubbish; our view is that bitcoin is a bubble", they said.

Bitcoin is notoriously volatile, and it has suffered huge declines before.

While bitcoin has declined by 12.65 per cent since yesterday, ethereum is down 17.45 per cent and Ripple XRP is down 21.05 per cent, at the time of publication.

Ripple, the third-biggest, has lost 18% of its value over the past 24 hours and was quoted at $1.03, down from a high of $3.81 on January 4. The meteoric increase in prize drew countless first-time investors, all hoping to cash in on the cryptocurrency craze.

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