Bitcoin slides 14% on crackdown fears, hits four-week low

The Financial Supervisory Service has crafted a rewards-and-penalties system to persuade cryptocurrency investors to provide identification information prior to conducting transactions

Why is Bitcoin, and the market crashing?

Bitcoin is now trading nearly 20 percent lower today than it was yesterday afternoon when it peaked at a price of about $14,300 before plunging to roughly $11,600 at the time of writing on Tuesday morning.

The unspoken power of the lunar calendar on Bitcoin ties in conveniently with another pattern, that of steep corrections precluding further upward price action in the coming period.

Bitcoin users in India have been facing difficulties with deposits and withdrawals after the country's banks blocked all crypto-trading. "We do not think that the complete banning of cryptocurrencies is possible".

According to crypto exchange coinmarketcap.com, other major virtual currencies ethereum, ripple and bitcoin cash, a clone which split from the original past year, posted double-digit losses by early afternoon. Ethereum dropped by 20 percent with its value sitting near $1,000.

Chinese authorities, meanwhile, are also looking at ways to block access to Chinese and offshore trading platforms, Bloomberg explained on Monday.

While Wall Street bear and former director of the Office of Management for President Ronald Regan David Stockman said the cryptocurrency boom would end disastrously, a sentiment echoed by Warren Buffett.

China is one of the biggest bitcoin mining hubs in the world. XRP also plummeted dropping as low as $1.32 United States dollars.

According to averaged exchange data from Coinmarketcap's listings, altcoins reacted considerably more sharply to Bitcoin's dip, major assets declining between 20% and 30% over the same period. That could yet happen following today's slump.

The SEC emphasised to investors that it has issued investor alerts, bulletins and statements on ICOs and cryptocurrency-related investments.

The other hand to blame, are Asian governments who are putting the crypto-market under heavy scrutiny.

Despite the drop, Ethereum, Ripple and the rest of the alt coins have largely fared worse than bitcoin. When, and if Bitcoin rises again, to let's say $15,000, your $10,000 will only be able to buy about 0.667 BTC. If you are in it for the long-term, it makes less sense to panic sell than to hold.

Following a small pullback in late December, most cryptocurrencies pushed ahead with renewed vigor in 2018, at least temporarily allaying fears of skeptics.

Unemployment among South Korean youth, or those ages 15 to 29, is around 9 percent, almost three times the national average, according to Statistics Korea.

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