Markets
Insider

  • Bitcoin falls below $10,000, down 12%, and ethereum
    breaks $1,000 to trade 15% lower
  • Russian President Vladimir Putin is proposing tighter
    regulation of the cryptocurrency space.

LONDON — Bitcoin fell to a 6-week low on Wednesday as global
cryptocurrency markets entered the second day of a sell-off.

Major coins are registering double-digit percentage falls.
Bitcoin is down 12% to $9,936.69 while ethereum plunged 16% to
$884.68, at 11.55 a.m. GMT (6:55 a.m. ET), according
to data on Markets Insider.

“Despite the fact that bitcoin has almost halved from its peak of
$19,800 reached mid-December, it still remains 1100% higher than
it was 12 months ago,” City Index’s Simon Revington said in an
email. “However, we could be seeing an important loss of
momentum, especially given that Bitcoin hasn’t traded above
$15,000 since Tuesday. $10,000 level is an important junction
because it is a huge psychological level.”

All of the major cryptocurrencies suffered double-digit falls on
Tuesday
in what commentators described as a cryptocurrency
“bloodbath.”
The selloff was thought to be triggered by
concerns about regulation in the Asian market.

Ripple, the third biggest cryptocurrency, is down almost 10% on
Wednesday lunchtime while Bitcoin Cash, the fourth biggest
cryptocurrency, fell 8%.

You
can follow all the like cryptocurrency price movements on Markets
Insider.

The continued slump comes amid reports that Russia could be about
to impose stricter regulations on the sector. Russian news
service TASS reported last week that Putin said “legislative regulation will be
definitely required in future” for cryptocurrencies.

“It is known that the cryptocurrency is not backed by anything.
It cannot be a store of value. No material valuables are behind
it and it is not secured by anything. It can be a settlement
medium to a certain degree and in certain situations. This is
done quickly and efficiently,” Putin said, according to TASS. He
compared cryptocurrencies to shared equity construction schemes.
Putin’s comments were
picked up by widely read cryptocurrency news website CoinDesk

on Wednesday.

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