Why Bitcoin Price is Sliding?
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On BitStamp, bitcoin trades at $13,371 on Thursday, while the 24-hour high figure was $14,973, a difference of 11%
Bitcoin prices lost big on Thursday as it trades at $13,371 on the Luxembourg-based BitStamp at 3.45 pm. Bitcoin's overall market cap declines from $245 billion to $230 billion in just one day. The fall was triggered on the back of South Korea's plan to ban trading in bitcoins and other cryptocurrencies. On Thursday, Park Sang-ki, South Korea's justice minister said that the country is preparing to ban all cryptocurrency trading in the country. It is noteworthy that south Korea is a significant market in the world of cryptocurrency.
Five Things To Know About Plunge In Bitcoin Prices
According to CryptoCompare, over one-tenth of ethereum is traded against the South Korean currency won - the second largest concentration in terms of fiat currencies behind the dollar. At the same time, 5% of all bitcoins are traded against the won after US dollar.
"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," South Korea's justice minister Park Sang-ki said at a press conference.
Following bitcoin, Ethereum also falls 12% to trade at $1,200. Ripple, another popular cryptocurrency that stands third after bitcoin and ethereum, loses 14% to trade a $1.74 per coin. Litecoin loses over 5% while NEM loses 10%.
It is worth mentioning that the cryptocurrency's price has been sliding consistently for past five days since January 7 when the cryptocurrency opened at $17,527. A day later, the bitcoin fell to $16,476. On January 9, the bitcoin opened at $15,123. On Wednesday, the decline continued with cryptocurrency falling to $14,589.
On BitStamp, bitcoin trades at $13,100 on Thursday morning while the 24-hour high figure was $14,973, a difference of 12.5%. In India, a bitcoin can be bought for Rs. 10.53 lakh on unocoin, a bitcoin exchange. At the India-based bitcoin wallet Zebpay, the cryptocurrency can be bought for Rs. 10.45 lakh and sold for Rs. 10.02 lakh.
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