Bitcoin has continued to fall today as global cryptocurrency markets have experienced another day of vast sell-offs. The downward trend began around the same time that South Korea announced it was in the process of a possible ban on crypto exchanges in the country, earlier this week.
Across the board, almost all digital currencies do not appear to be doing well today, with major coins registering double-digit percentage drops in value. Bitcoin is sitting below the $10,000 mark, while Ethereum has rapidly declined to below $900 in value, according to information shared on Markets Insider.
Yet, City Index’s Simon Revington has shared, “Despite the fact that Bitcoin has almost halved from its peak of $19,800 reached mid-December, it still remains 1100% higher than it was 12 months ago.
He continues, “However, we could be seeing an important loss of momentum, especially given that Bitcoin hasn’t traded above $15,0 00 since Tuesday. $10,000 level is an important junction because it is a huge psychological level.”
All of the major cryptocurrencies suffered an extreme dip in value on Tuesday, leading to many onlookers describing the event as a, “bloodbath.” The lesser altcoins continue to experience drops in value as well.
Another likely reason for the decline is the recent news from Russia that the country is about to impose tighter regulations on the crypto sector. Russian President, Vladimir Putin, stated that, “legislative regulation will be definitely required in the future,” for digital money.
According to TASS news, Putin also said, “It is known that the cryptocurrency is not backed by anything. It cannot be a store of value. No material valuables are behind it and it is not secured by anything. It can be a settlement medium to a certain degree and in certain situations. This is done quickly and efficiently.”
While, some people are using this large drop across the crypto world as further proof to support their bubble theories about digital money, many others consider this event as a prime opportunity to jump in while everything is more affordable.