Bitcoin And Other Cryptocurrency Is Plunging Dramatically

The leading cryptocurrency and many of its rivals have declined at an alarming rate today.

While Bitcoin is down 42 percent from its December peak, Ethereum is still on an upward trajectory since the start of the year.

You have been redirected from 24 Hours. However, prices of most of the currencies are 40% lower from their December 17 high. Ethereum dropped by 20 percent with its value sitting near $1,000.

The NEO has lost about 15 percent to $155.73.

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Only two coins (again, not including Tether here) in the top 100 are in the green.

Neil Wilson, analyst at ETX Capital, explains that the "regulatory noose" appears to be tightening around the neck of the Bitcoin and cryptocurrency market, and technical analysis of the price charts don't bode particularly well for speculators.

After previous generalized sell-offs, Bitcoin has rebounded as investors go back to the original decentralized currency, considered to be the "digital gold" in the space.

On Monday, Bloomberg reported that authorities in China were planning to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading. But those who invested in Bitcoin before the beginning of previous year have enjoyed an impressive price increase.

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While Wall Street bear and former director of the Office of Management for President Ronald Regan David Stockman said the cryptocurrency boom would end disastrously, a sentiment echoed by Warren Buffett. The main problem is illegal activities due to the lack of proper regulation and the country plans to use its own cryptocurrency which will be characterized by more regulation to avoid fraud.

Following initial statements that South Korea was looking to ban trading of cryptocurrencies, followed by a climbdown, the country's finance minister Kim Dong-yeon said in an interview with local radio station TBS that banning trading in digital currencies was "a live option".

"With reports on a renewed crackdown on the crypto-currency in China fueling anxiety over future restrictions, further losses could be on the cards in the near term", added Otunuga, noting the latest wild ride in value "should remind investors on how explosively volatile and unpredictable" crypto-currencies can be.

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