Monday, 18 June, 2018

All major cryptocurrencies are falling after bitcoin dipped below $6000

Bitcoin crashes as China vows to stamp out overseas crypto-trading Carlos Barria Reuters
Cristina Norman | 06 February, 2018, 15:34

The cryptocurrency has dropped by more than 80% since it soared to its all-time high last month.

The cryptocurrency suffered massive price losses along with other cryptocurrencies Bitcoin and Ethereum last week - with all now seeing double-digit losses in a dramatic week. At the very same time, it was reported that the USA regulators had subpoenaed to - a company that issues the coin and claims it's pegged to the dollar - virtual-currency venue Bitfinex and Tether, that also helped to further the selloff and driving down prices.

The price of bitcoin fell below $6,000 for in 2018 as the head of a leading central bank said it posed a threat to financial stability and signaled a global crackdown on the popular cryptocurrency. And Kay Van-Petersen, a Saxo Bank analyst who correctly predicted the cryptocurrency's rally at the start of 2017, told CNBC recently that bitcoin could hit between $50,000 and $100,000 this year.

Hussein Sayed, chief market strategist at FXTM, said on Tuesday morning: "The most famous digital currency has fallen 69% from December's record high, and nearly 56% from the start of the year".

Ethereum was up 12% off its low of $627 to $711, and Ripple's XRP was up 11% from its low of $0.64.

The sell-off appears to be prompted by a number of factors .

Listing the headwinds for cryptocurrencies such as Bitcoin would simply take too long, so in this article I'll focus on only one: the permeable nature of cryptocurrency exchanges and the risks cyber-crime have on this sector.

On Monday, Britain's Lloyds Banking Group, which unites Lloyds Bank, Bank of Scotland, Halifax and MBNA, announced it bans cryptocurrency purchases from credit cards.

The mood has been quickly changing around cryptocurrencies, which are suffering from tougher regulatory scrutiny from governments in China, India and South Korea.

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