Bitcoin Price Fall: Investors Hold, Saying Cryptocurrency Crash Is a 'Yearly Pattern'

Bitcoin Price Fall: Investors Hold, Saying Cryptocurrency Crash Is a 'Yearly Pattern'

Despite his current enthusiasm, Green urged caution over Bitcoin just last month.

Pan also reportedly called for imposing a ban on such services as online wallets, as they allow people to store virtual currencies. Officials are now weighing halting trading on exchanges. As a result, the value of Bitcoin fell by 18 per cent to $11,000 on Tuesday morning, although authorities in South Korea have faced opposition to their plans.

That was the lowest bitcoin had been since November, and was down nearly 50 per cent from its mid-December high. According to Coinmarketcap.com, a site that is quickly becoming the go-to price checker, just one of the top 100 highest valued cryptocurrencies isn't in the red over the past 24 hours. Ethereum, Ripple and the Bitcoin Cash lost respectively 12.41%, 19.16% and 15.51% early Tuesday.

South Korea had announced a curb on crypto futures and vowed the come down hard on any criminal activities involving illegal currencies.

However, despite these actions, China remains a honeypot for cryptocurrency trading - especially Bitcoin.

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The fear was fuelled with reports that South Korea was planning to ban trading in cryptocurrencies. "It seems they're getting wise and waiting for the market to even out before buying in again".

The impact of government decisions regarding the cryptocurrency market is heightened by software updates created to solve scalability problems, with developers relying massively on finding the right approach to the technical development of the blockchain.

The government originally rejected suggestions from a government minister to ban Bitcoin and other such currencies. Their eventual decision to ban mining farms can trigger a massive sell-off of cryptos, which will exacerbate the current situation.

Drop may be caused by worries about South Korean crackdown The drop may be caused, at least in part, by South Korea's Finance Minister KIim Dong-yeon's remarks on a radio program that "the shutdown of virtual currency is still one of the options" the government has.

In the last several months, South Korea has accounted for a significant portion of the trading volume in digital currencies such as bitcoin, ethereum and ripple. In addition, the issue with taxes and the decentralization that blockchain offers may also be heating the tension and the fall in cryptos this week. The decline appears to have spooked the market, with other coins selling off in at the same time.

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