Major Cryptocurrencies Plunge in Double-Digit Selloff

Buzzkill

The digital currency fell more than 10 per cent in the early hours of Thursday morning United Kingdom time, before paring some of its losses.

While the largest digital coin was down 25 per cent at US$10,338 as of 4.37 pm in NY, it was still at the lowest level since late December, according to composite pricing on Bloomberg.

For example, ripple was down 26 percent, bitcoin cash was down 24 percent, iota was down 27 percent and monero was down 22 percent as of 8:51 a.m. HK/SIN. Many assertions that digital coins represent a bubble have triggered double-digit selloffs over the past year, only to be followed by rebounds.

South Korea appeared to soften its stance on cryptocurrencies on Friday, rowing back on justice minister Park Sang-ki's comments indicating that the government planned to ban trading in the assets. But measures first need "serious" discussion among ministries, Mr Kim added, holding out hope for traders that a crackdown won't go that far.

Cryptocurrency prices slid on Tuesday, after South Korea said shutting down exchanges is still an option.

"When a certain market sector is overheated and prone to speculations, relevant government intervention is needed".

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China is toying with the idea of cutting off domestic access to cryptocurrency platforms and exchanges that enable people to trade digital currencies. "It looks like the light touch that has allowed the crypto-boom to explode may be coming to an end", he wrote in a note for investors.

A total of 1.96 million people may have used apps that allow them to handle digital currencies, such as bitcoin and ethereum, last week, up from 140,000 tallied between October 30 and November 5, according to data from WiseApp, an application analytics company.

Trading volumes in South Korea and Japan, another major market for digital currencies, have thinned in recent days, suggesting investor enthusiasm dipping.

Steven Maijoor, chairman of the European Securities and Markets Authority, said investors "should be prepared to lose all their money" in Bitcoin, in a Bloomberg TV interview in Hong Kong.

"As virtual currency is not legal tender and no one guarantees its value, its prices can fluctuate by a large margin ... and cause big losses", the office said. "It's also not broadly accepted". China has already banned cryptocurrency exchanges, and South Korea - the world's largest cryptocurrency market right now - is trying to assess how to deal with the blockchain currency and whether it should be banned.

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