Bitcoin sinks 20%
Bitcoin tumbled as much as 20% Tuesday.
The price of the volatile digital currency dipped below $12,000, its lowest level in more than a month. At time of writing trade at $11,400.
Other popular cryptocurrencies ethereum and ripple also posted double-digit losses.
It's unclear why bitcoin fell. Cryptocurrency is a murky market with frequent swings.
"Volatility is quite common in the cryptocurrency world," said Mati Greenspan, a Tel Aviv-based analyst at investment firm eToro.
The plunge follows a Bloomberg report on Monday that Chinese officials were stepping-up measures to limit cryptocurrency trading, which is already banned on exchanges.
Investors in South Korea and Japan, the two largest cryptocurrency trading nations, were sitting on the sidelines Tuesday waiting for the regulatory uncertainty to clear before placing further bets, said Greenspan. He believes the light trading volume caused bitcoin's price to plunge.
Friends, in today's fall there is nothing surprising. If you look at the bitcoin rate for 2017, 2016, 2015, then we will see exactly the same. In early January, everything is slowly falling apart, then the apotheosis occurs in mid-January with the bloodiest plum and then the recovery in February and March. In 2018, most likely, will be the same. So this is a great chance for buying the alts and bitcoin itself at discount prices. We look at the picture and delve into it. Patience, guys!
Omg I was just telling my friend February March is recovery months so be patient and load up if you can...
the volatility is part of the fun of the crypto world ;)
Exactly!
It is that's why I'm just sitting back. I want it to go down more so I can buy more