Bad News for Bitcoin Users: The Price Fell Under $12.000 USD
It’s a bad beginning of the new year for the Bitcoin users. Why? For the first time since last year, the Bitcoin value decreased considerably. One month ago, on the global charts, we saw the price rising till $20.000 USD.
During the winter season of 2017, Bitcoin was maintaining his position with dignity, going through a significant increase. Today, 16th January, 2018, for the first time in this year, Bitcoin price fell under 12.000 $. It’s a huge imbalance for the world. There are million of users who felt maybe disappointed in this cryptocurrency.
Why did it happen?
Well, it all started last week, when important data of cryptocurrency transactions made by South Korea wasn’t included on the famous exchange platform, called CoinMarketCap. As a result of this error, numerous coins suffered, among which we identify Bitcoin, Litecoin, Ripple, Dash, Ethereum, Zcash and many others.
The prices fell down significantly on the global marketplace and this caused a general chaos.
Because of this incident, the government of South Korea began to take painful measures for crypto users. They proposed to forbid the future cryptocurrency’s transactions on their territory.
South Korea is an important element in the virtual blockchains scheme. They show a high demand of users and the additional advantage for global maintenance is that they pay for trading digital currencies more than US does, for example. Imagine now the results if one of the main countries piling is eliminated.
Dr. Garrick Hileman, from the University of Cambridge, expressed his opinion for Verdict magazine: “South Korea have shown they are willing to pay more for cryptocurrencies than other markets are. And that certainly has a positive influence that prices in other markets.”
China seems to be guilty too
South Korea is not the only one who wants to ban the cryptocurrency trading. China seems to follow their steps. Today, 16th January 2018, the magazine called Reuters published an interview with PBOC Vice Governor- Pan Gongheng. This one is saying that “The Government (of China) would continue to apply pressure to the virtual currency trade and prevent the build up of risks in the market”.
As well as cryptocurrency, Mr. Pan wants to eliminate all the individuals and businesses that provide services related to the digital blockchain systems.
No one should forget that China is the most powerful market in the world that mines and owns the biggest amount of Bitcoins. All these measures mentioned above are overflowing into the imbalance produced on the global marketplace.
Two important countries are preparing to exclude themselves from the global cryptocurrency system. What do you think, which are the future consequences of such a turn?