Bitcoin drops below $10,000

Over the past week, most of the world’s major cryptocurrencies have experienced a significant drop in value, especially over the past 24 hours. Yesterday we reported that Bitcoin decreased in price to under $12,000, with the decline continuing overnight to bring the value of the currency below $10,000 for the first time since December 1st, 2017.   

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.