Monday, 29 November 2021 06:29 GMT

Bitcoin Sheds More Than Half its Value as Regulatory Pressures Intensify


(MENAFN- DailyFX) Yesterday, we reported that . Now, has just dipped below 10k for the first time since early December. 2018 has been a rough year so far for cryptocurrencies as increased regulatory pressures have put the volatile asset class under greater scrutiny.

Bitcoin

Last year, Bitcoin hit an all-time high just shy of 20,000. But with rumors surfacing that South Korea and China will propose a ban on exchanges Bitcoin has fallen precipitously. This morning, Bitcoin dipped below 10,000 marking a 50% loss from its all-time peak. Regulatory oversight is seen has a major issue in the crypto world considering anonymity is one of the main allures to the digital currency market.

Chart 1: Bitcoin 4-hour Chart (December 2017 - January 2018)

At the time that this was written, Bitcoin continued to fall to 9663.67 as it struggles to find a support level.

--- Written by Dylan Jusino, DailyFX Research


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