Bitcoin Prices Fall ~ BT below $8K / Companies Investors lose Hundreds of Millions on South Korean Cryptocurrency Ban:
Based on the reports due to Asian impact in strengthening the Cryptocurrencies’ crackdown & new reports came from American Banking system, Bitcoin’s prices plunged sharply around $7,200 on Monday & continuously remained variable. The fall in Bitcoin prices caused the Companies millions to Billions of USD loss. Almost those companies who were sitting on Bitcoin or Blockchain and have tied them up with Cryptocurrencies have felt the sharp affect due to Bitcoin prices plunged. The chief reason behind Bitcoin Price is assumed steps taken by South Korean Govt other Asian authorities including China & India on Cryptocurrencies. The ban consideration in South Korea on Bitcoin or related visual currencies has caused hundreds of millions USD loss in a single day.
News: On Monday Bitcoin Prices crashed near $ 7200 with a huge fall in the recent weeks. As per reports several Banks including Bank of America, JP MorganBank, Capital One, Lloyeds say they have plan to ban customers on using their Credit Cards for Buying Cryptocurrencies.
Bitcoin Prices Fall BT Value Below $8,000
On Tuesday Bitcoin prices fall up to 30% and valued below $10,000. In Asia, specifically South Korea, recent steps taken by Government & urging other participated Countries, Organization to take steps on Bitcoin, Ripple and other Cryptocurrencies, has earlier given the preassumptions of bad days for Bitcoin investors. Just a few days ago the WT Article (Cryptocurrencies Present & Future) gave the hints on the planning of Governments/ Organizations & their opinions on Cryptocurrencies including Bitcoin, Ripple, Ethereum & others.
Tuesday’s Bitcoin plunged in Prices & Companies’ loss in Millions of Dollars seem to cause the “warning bell” for current Cryptocurrencies’ Investors & stake holders not just in USA, UK, Russia, South Korea, China only but across the Globe.
Who Faced major Loss on Tuesday Bitcoin Plunged:
The Companies, small individual or investors in partnership faced the 30% abrupt fall in Bitcoin and huge fall in other visual digital currencies including Ripple & Ethereum.
Companies depended on cryptocurrency and blockchain have taken setback for their fortunes including for the Investors, i.e Payments Processor Square lost 5% ($90 Million in market value) who recently allowed customers to buy and sell on Bitcoin. On other hand an e-commerce company also allowed customers to pay in cryptocurrency & on Tuesday fell 11% (Loss around $200 millions).
Reason Behind Bitcoin Fall
Bitcoin plunged 25% on Tuesday & caused millions of USD loss for investors. This is just happened within months or so when Bitcoin prices’ skyrocketing shocked the entire world in the form of Revival of Cryptocurrencies- Dec 2017 (caused due to acceptance of Cryptocurrencies in Western Countries- WT) startling gain of nearly 1,400% last year and peaking at roughly $19,500 per coin in late December.
South Korean urge of Bitcoin ban caused Millions of Dollars Loss-
Bitcoin Price Fall Statistics:
Tuesday’s prices drop of Bitcoin not just pushed Bitcoin to a six-week low of $10,650 but also dipped other currencies’ (Ripple, Ethereum & others) prices.
This is being caused due to South Korea, their Decision and recent urge to World Trade Organization & other indulged countries to ban cryptocurrencies. The suspicious behavior created by South Korean Government (Epicenter of the bitcoin) & their urge on considering a crypto trading ban along with the Chinese authorities’ shut down on local crypto exchanges are present day blocks are being made.
Views of Investors on Bitcoin / Cryptocurrencies :
The big fear widespread across the several countries would be the acceptance of the decentralized virtual or Crypto currency as hinted by Officials. The derailment of Cryptocurrencies by governments in many countries seems to cause bitcoin a threat to their traditional currencies.
Recent News from America:
Recently a regulator from USA, the Commodity Futures Trading Commission gave the permit for two US Exchanges to start trading Bitcoin futures in December, the Securities and Exchange Commission cracked down so-called “initial coin offerings,” or digital-coin fundraising vehicles were among them.
- Bitcoin’s fall continues- Prices look toward $8k
- Vladimir Putin urged to take steps to legalized Bitcoin trading
Website of the WT- www.westertimes.com