Well its Black Tuesday for the all crypto fans as price of famed cryptocurrency, Bitcoin knocked down to $10058 on the Luxembourg-based Bitstamp exchange, which is roughly 50% of its highest price. And that’s just in the past 24 hours. The cryptocurrency market has been in the code red for a few days now, following news reports of regulatory crackdown in South Korea and China.
“Cryptocurrencies could be capped in the current quarter ahead of G20 meeting in March, where policymakers could discuss tighter regulations,” said Shuhei Fujise, chief analyst at Alt Design. The latest tumble in digital currency prices came about after South Korean Finance Minister Kim Dong-yeon said in a radio program interview that “the shutdown of virtual currency exchanges is still one of the options” open to the government, which is planning a set of measures to clamp down on the “irrational” cryptocurrency investment craze. Given that South Korea is the world’s third largest market for cryptocurrencies.
South Korea, china are just few examples but it is certain that major government bodies throughout the world might reconsider to regulate their polices related to cryptocurrency.
Overall, we can only draw conclusion that Blockchain, the technology behind Bitcoin is cool and help in solving everyday problem and might become future reality as well. But the Bitcoin in its own is not a currency, or at least not a good one — not yet, anyway. And if its regulatory and internal challenges persist, it won’t be much of an investment for much longer, either.
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