Bitcoin drops below $10,000
Bitcoin drops below $10,000
On January 7th the market cap for all cryptocurrencies peaked at $830 billion, decreasing to yesterday’s market cap of $570 billion and now today’s market cap of around $430 billion. The combined value of all of the world’s cryptocurrencies has decreased by almost 25% since our report yesterday.
This massive drop in value is currently being attributed to plans from the Chinese and South Korean Governments to introduce new regulations and potentially ban the use of cryptocurrencies. Other countries are also looking into potential regulations, following Bitcoin’s huge successes in 2017.
Today’s prices bring Bitcoin to a new monthly low, with today’s values last being seen on December 1st, a time where Bitcoin’s value was skyrocketing. Bitcoin eventually hit a peak of almost $20,000 on December 16th, with today’s price representing a decrease of around 50%.
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