Bitcoin returns below US $10,000

The price of bitcoin fell Wednesday below the symbolic threshold of US $ 10,000, showing a loss of 50% on its peak in mid-December and more than 15% on the session, while the number of calls for regulation cryptocurrencies.

Bitcoin traded at US $9642.97 at 16:03 GMT, down 15.31% on the Luxembourg-based Bitstamp trading platform, after dropping to US $9,222, its lowest level since November 30th.

It reached US $19,666 on December 17, just above US $900 in early 2017, and exceeded US $20,000 on several other platforms.

Its decline is fueled, among other things, by the prospect of strict regulation of cryptocurrency transactions, mentioned by several countries in recent days.

China and South Korea, in particular, do not exclude outright prohibition of transaction platforms denominated in bitcoins.

In the wake of bitcoin, other cryptocurrencies have also plunged, like the Ethereum and the Ripple, which shows a decline of 31.76% on the day.

There is a lot of panic in the market. People are looking to sell and get out of there at any cost.

Charles Hayter, founder of the specialized site Cryptocompare

Analysts at US bank Citi said Wednesday that the current downtrend could lose half of its value bitcoin, adding that a decline of 5605 to US $ 5673 seemed “very likely in the very near future.”

Bitcoin futures launched by the US CBOE Futures Exchange were trading at $ 9200 US by 1530 GMT, down US $1855 from US $10,930 early in the session.

The current downfall is not completely new for bitcoin: Singer Xenos advisor Marc Singer in Miami recalls that the cryptocurrency had dropped by 93% in five months in 2011. Bitcoin had also lost more than half of its value between November 2014 and January 2015.

For Steven Englander, Rafiki Capital’s strategy manager in New York, “cryptocurrency holders are looking to determine if they should abandon bitcoin because of its limitations, which would lead to its replacement with better products, or it can exceed these limits to continue its progression.

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About the Author: Colleen Kerr

Colleen is a financial reporter, focusing on technology, national security, and all things mobile. Before joining the BitCoinPlussNews, she worked as a staff writer at Huff Post and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.

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