Bitcoin falls below $10000; value halved since mid-December

Bitcoin price jacks while Ripple topples

The price of the world's biggest and best-known cryptocurrency fell to as low as $10,065 on the Luxembourg-based Bitstamp exchange, a six-week low and close to half the peak price of nearly $20,000 it reached in December.

The volatility of the digital currency markets was on display again Wednesday, as bitcoin briefly fell below $10,000 before rebounding back above $11,000 in the USA afternoon.

There has been concern among some experts that a bubble had been forming in the market as casual investors pile into an asset they don't fully understand. The steep decline has also affected other major cryptocurrencies, including Litecoin, Ethereum, and Ripple.

The authors said: "Most people are buying bitcoin, not because of a belief in its future as a global currency, but because they expect it to rise in value".

Credit Suisse has a similar take on bitcoin prices and their estimate of bitcoin's price pegs its value at $6,000. Notwithstanding the quantum of fall, this is not the first time that reports from South Korea rattled the bitcoin markets.

The sell-off has been amid relatively high trading volume, with around 400,000 bitcoin exchanging hands on 15 January, the highest since 21 December, according to the latest data on Bitcoinity.org. Overall market value dropped more than $200 billion that time too, with this week looking to be a repeat of what happened late previous year.

Finance Minister Kim Dong-yeon said in an interview with local radio station TBS that banning trading in digital currencies was "a live option".

Suspect of Two California Murders Warns 'I Will Kill Again'
His 41-year-old wife, Janelle Marquez Monroy, an American citizen, faces life in prison if she is found guilty of assisting him. Judge Steve White wasn't swayed by Bracamontes' rant, but he did issue a warning, saying, "You will not speak out".

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

"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".

Discussing the longevity of bitcoin and other cryptocurrencies, Dick Kovacevich, the chairman of Wells Fargo told CNBC: "I think it's a pyramid scheme". The leading 10 digital currency leaders of the crypto game suffered in one fell swoop yesterday, taking even Bitcoin down 14%.

Ethereum, the second largest cryptocurrency by market value, was down 27 percent since Tuesday, according to website CoinMarketCap.

Riot Blockchain Inc (NASDAQ:RIOT) shares have been stripped of 25% in value in the last 24 hours. The government has made it clear that it has not given license to any agency for working as exchange, and has already set up a committee to formally suggest ways to regulate trade of Bitcoin and other cryptocurrencies.

"The run-up in Bitcoin created a mystique of one-way trading which is being shaken, but the pricing requires faith that there will always be demand", Englander wrote in a research note.

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