The Bitcoin suffers a fall of 20% and sinks to the other cryptocurrencies

joelgonz1982 (60)in #bitcoin • 6 years ago

New crash of cryptocurrencies. The bitcoin price has accumulated a drop of more than 20% in the last 24 hours in the main markets of Asia, given fears of possible new restrictions on this currency in South Korea and China, according to 'EFE'.

Since the beginning of January, the bitcoin is plunged into a downward trend since it has suffered daily declines of 22% and 24%, approximately. Ethereum, the second cryptocurrency with the highest global capitalization, also accumulates a fall of more than 20%. While the following, Ripple and Bitcoin Cash, lose between 10% and 15%.

The current price of bitcoin is around 40% below the record reached in mid-December, when it broke the barrier of $ 19,000 (15,500 euros).

Why cryptocurrencies collapse?

Analysts attribute these crashes to concerns over possible new regulations on the bitcoin or even the prohibition of its trade in South Korea, where some of the world's largest cryptocurrency markets are located with close to one million people in possession of foreign exchange. virtual as bitcoin or ethereum.

The government of South Korea announced the ban on the use of anonymous virtual accounts in transactions with cryptocurrencies, with the aim of curbing "irrational speculation" with this type of currency, according to Finance Minister Kim Dong-yeon.

From now on, deposits and withdrawals of money can only be made in those digital wallets whose data coincide with a bank account with a real name. South Korea joins the regulations already applied by Japan and other countries, where the cryptocurrency markets require their users to register with official documents.

China takes measures against cryptocurrencies These regulations are joined by the Chinese government's plans to veto the use of foreign websites and mobile applications that give access to virtual currency markets. Last September, China banned and also classified as illegal the practice of raising funds through the issuance of digital currency.