Cryptos Land: Cryptocurrencies plunged erasing past week gains

Tuesday, 16 January 2018

Cryptocurrencies plunged erasing past week gains

Bitcoin traded lower than $12000 on January 16, 2018 crippling the whole market with it. Bitcoin price plunged $1500 in 1.5 hours as the increasing regulation and ban on Cryptos in South Korea prompt the hefty sell off.

Owing to Bitcoin price dive, all the the top 100 Cryptos turned red with some loosing more than 20%. The most depreciated currency. The worst performer among them was Dent Token that shredded about 46%.

The sell off came under increasing news from South Korean Government's decision to ban crypto currencies and China's crackdown on services providing exchange like services. The price swing puts the number one Crypto currency price at the lowest since December 5.

The digital currency soared to a record high above $20000 in Dec due to the anticipation of Bitcoin futures at CBOE and CME groups but since then it has seen a bearish pattern taking over and is currently being traded at $12000, at the time of writing.

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