The cryptocurrency market collapses, bitcoin depreciates by 13% on the news from China and South Korea
The global cryptocurrency market drops sharply at the head with the most popular cryptocurrency – bitcoin (bitcoin), which was cheaper earlier on Tuesday by more than 13% on news of the tightening of control over the market received from China and South Korea, in which such trade the most popular, it follows from these trades.
According to CoinMarketCap, as at 12.27 GMT bitcoin was cheaper by 12.71% to 12.1 thousand dollars. On the stock exchange Bitfinex cryptocurrency when it was reduced in price by 12.6%, to 11.89 thousands of dollars on GDAX – by 10.51%, to 12.17 thousand. According to Coindesk, bitcoin depreciated by 11.67%, to 12 thousand. In the course of trading am bitcoin was cheaper by 3-4%, and then accelerated the decline to more than 13%. Bitcoin slips on concerns about the regulation of cryptocurrencies
Alternative cryptocurrencies have also accelerated the decline of Ethereum became cheaper by 18.78%, to 1.08 thousand dollars, Ripple – by 26.77% to 1.35 USD, Bitcoin, Cash by 22.35% to 1.9 thousand dollars, consonants, according to CoinMarketCap. The market capitalization of cryptocurrencies, according to the service, is at the moment 568,9 billion dollars, while in the morning it was estimated at 650,8 billion (a decrease of almost 13%).
Bloomberg on Monday reported that the Chinese authorities will block the platform for cryptocurrency trading. According to sources familiar with the situation, the measures will affect online platforms and mobile applications. Last year, the authorities decided to close the cryptocurrency exchanges under the jurisdiction of the country, and now China intends to “block access to local and offshore platforms that allow for centralized manufacturing”. Experts assign to the stabilization of bitcoin prices from two weeks to a year
In addition, earlier media with reference to Minister of justice of South Korea, Park sang-Ki reported on the preparation of the bill, implying a ban on the sale of cryptocurrencies in the country. Then the Finance Ministry has officially denied the possibility of a ban, but on Monday, reiterating the Ministry of justice, the South Korean Agency Yonhap said that the authorities intend to restrict trade cryptocurrencies.
Moreover, on Monday the Director of the Central Bank of Germany Joachim Wuermeling (Joachim Wuermeling) stated that the regulation of cryptocurrencies should be carried out on a global scale. In his opinion, due to the fact that national or regional regulations will be difficult to implement in the boundless virtual community.