Bitcoin volatility ramps up as mass sell-off sees cryptocurrencies plummet

Bitcoin regulation should be global, Bundesbank director says

Bitcoin regulation should be global, Bundesbank director says

"We assess that as South Korea responds to these attempted thefts by increasing security (and possibly banning cryptocurrency trading) they will become harder targets, forcing North Korean actors to look to exchanges and users in other countries as well", researchers added.

Bitcoin tumbled by nearly 18 per cent today to $11,000 - a four-week low - after reports that the governments of China and South Korea were looking to ban trading of cryptocurrencies. In December, the cryptocurrency managed to top $19,800.

Bitcoin careened 25% lower Tuesday after a startling gain of almost 1,400% previous year and peaking at roughly $19,500 per coin in late December.

It also follows moves in China to clamp down on trading in digital currencies.

An increasing number of market watchers in South Korea also argues that the government needs to tighten regulations on virtual currencies. The reason for this has to do with the system of settlement that ripple's underlying technology promises to central banks and other financial institutions.

"I think regulation and interference by governments is one of the biggest challenges facing bitcoin", Craig Erlam, a senior market analyst at currency trading firm Oanda, told USA TODAY.

"My conjecture is that cryptocurrency holders are trying to decide whether to abandon bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them". Bitcoin miners can only process so many transactions, and they prioritize those from the highest bidder rather than the next customer in line.

At least some retail investors are still trading amid the selloff.

Regulatory intervention is a key vulnerability to the Bitcoin rally, and there might be more to come: the U.S. Securities and Exchange Commission and European regulators have voiced concerns over the Bitcoin markets' high risk and rampant speculation.

Amid tales of schoolchildren and housewives rushing in to buy virtual currency, South Korea's government has branded the trend "irrational".

The malware was created in mid-October and November, just as bitcoin began surging to jaw-dropping heights, according to the report, which was published Tuesday. On seeing this, the crypto coins investors have made a decision to sell the coins and there comes fall in the crypto market.

The popularly of cryptocurrencies in South Korea helped drive the popularly of Bitcoin in the past months. Established in October a year ago, Upbit recently completed its work for service optimization and was planning to begin registration of its cryptocurrency website by the middle of this month.

Finally, Bitcoin speculators are also taking note of bearish sentiments on BTC futures contracts.

Commodity Futures Trading Commission chairman Christopher Giancarlo has warned on the murky spot market that marks Bitcoin futures.

On Tuesday, the currency sat at $11,619.80, according to Coinmarketcap. Ethos added 5.43%, KuCoin shares gained 2.88%, and Tether (which is pegged to the USA dollar) added 1.67% thanks to heavy demand from investors looking to hedge their bets.

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