An Asian selloff for the holiday period, which needs to be funded in fiat not crypto, could have been one of the catalysts this year and previous.
According to reports in Bloomberg, China is considering shutting down the access to online services that allow people to trade digital currencies, such as exchange websites. This is important because South Korea possesses many traders.
I'm not sure that the cryptocurrencies will get back to the all-times values any time soon, if ever, the speculative craze seems to have lost a lot of its fervour for now.
The value of bitcoin fell below the $10,000-mark Wednesday for the first time since November, as investors fear regulators could suppress the volatile cryptocurrency. This is something Capital Economics dismissed saying that claims Bitcoin and its imitators could replace established currencies as "rubbish".
Bitcoin has gradually been gaining in popularity among house buyers and sellers. Founder Charlie Lee has, on numerous occasions, said the cryptocurrency can be used for payments because it's faster than Bitcoin. Ripple said transactions in XRP can be settled in four seconds, faster than any major cryptocurrency right now.
Like Bitcoin, Ripple is already fighting towards a comeback.
How Is Mooncoin (MC) Responding To The Price Slump?
Bitcoin, the king of all cryptocurrencies, dropped below $10,000 last night, in the steepest drop-off in value since January of past year.
Is The Sell-Off An Opportunity To Buy Coins?
This is a far-cry from traditional trading, as most people would have sold their stocks to cut their losses, but this is the world of cryptocurrency. No doubt, the massive Asian cryptocurrency-sale has hugely affected cryptocurrencies.
Bitcoin fell nearly 50%, piercing below $10,000, while other cryptocurrencies took similar spills due to investor fears that regulators could clamp down on them in an effort to curb speculation.
Bitcoin, which enjoyed first-mover advantage and remains the poster child of crypto, peaked at $20,042.90 on 17 December and dipped as low as $9,402.29 yesterday, which equates to a fall of 53.1%.