Published: Wed, February 07, 2018
Economy | By

Bitcoin price drops below $6000 Video

Bitcoin price drops below $6000 Video

The original cryptocurrency gained more than 1300 percent a year ago.

Below is a recap of the top cryptocurrency prices at 3:00 p.m. EST.

Broader volatility further threatens the virtual asset class, as numerous "establishment" investors who helped buy the price up to peak levels are likely to be more inclined towards tangible stores of value.

However, Ripple is uniquely placed among the rest of the pack to recover ground more quickly, and with a greater forward momentum than its competitors which is why it, rather than big-name altcoins like Bitcoin and Ethereum, will be responsible for the next surge of interest in cryptocurrencies. "In the same period, job searches with keywords related to cryptocurrency/blockchain also rose by 52 per cent", shared the report.

"Crypto is being driven by daily negative news", said Craig Erlam, a senior market analyst in London at online trading firm Oanda Corp. Investors seeking to acquire Peercoin must first purchase Ethereum or Bitcoin using an exchange that deals in United States dollars such as GDAX, Changelly or Coinbase.

The plunge in its value has coincided with a heavy sell-off in global stock markets in recent days, a break from the traditional narrative often used as a selling point for bitcoin enthusiasts: that it is uncorrelated from other asset classes.

If there is one thing that has caught the eye of the public this winter and has become a main topic of conversation, it must be cryptocurrency. Most other cryptocurrencies are in the same boat. A similar situation seems to be playing out here.

According to JPMorgan spokesperson, Mary Jane Rogers, the bank decided on this new policy as they find the credit risks associated with the cryptocurrency industry unreasonably high. The price of the popular digital currency [VIDEO] fell to below $6000, the lowest it has been since November 2017. The country's finance ministry said yesterday it is attempting to stop cryptocurrencies like Bitcoin from entering the mainstream.

"Maybe I'm too old for them, but I wouldn't touch that stuff", Icahn said. They are in a way self-set up and self-regulated.

The head of the Bank for International Settlements (BIS) this morning called for a regulatory clampdown on cryptocurrencies, which led to Bitcoin's price tumbling below the $7,000 mark.

Interestingly, while the cryptocurrency market rockets higher, the U.S. Senate is holding hearings on cryptocurrency regulations today.

Bitcoin has slumped in recent sessions as a risk-off mood spread across financial markets. And lack of regulation has been cited as a reason for rejecting cryptocurrency ETFs, so if cryptocurrencies were to fall under the SEC's regulatory authority, it could open the door for bitcoin and other cryptocurrency ETFs.

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