What happens to bitcoin now after the plunge?

Bitcoin tumbles below $10,000 half of its peak value

Bitcoin tumbles below $10,000 half of its peak value

The shift toward tighter regulation sparked a strong negative reaction from many South Koreans, with thousands signing a petition to stop a ban on cryptocurrency trading. The last time bitcoin more than halved in value was from November 2014 to January 2015.

According to analytics firm WiseApp, the number of cryptocurrency app users in South Korea has increased 14-fold in the past three months to about two million users.

In just the past several days, bitcoin's price plunged below $10,000 per coin, while ethereum dropped by more than 20% and ripple fell back below $1 per token.

"The volatility of bitcoin - and other crypto currencies - is an expected, and important, part of the journey to becoming a mature asset class".

On 18 January, Bitcoin, who has exhibited dramatic fall to nearly 50% from its December high, now is trading for $11,924.20 per unit.

That came amid news that a senior Chinese central banker had said authorities should ban centralized trading of virtual currencies and prohibit individuals and businesses from providing related services.

Bitcoin continued to bounce back Thursday after plunging well $10,000 Wednesday intraday as cryptocurrency investors feared regulatory crackdowns before staging a comeback in the afternoon.

The petition calls for the government to not implement trading regulations that would destroy "a happy dream" that the cryptocurrency market has created in the country. From Tuesday to Wednesday, more than $30 billion of value was wiped off bitcoin's market value.

And Go Holdings, including estate agency Go Move, covering Hertfordshire and a new homes development company, Go Homes, claimed in December 2017 to be the first agent in the world to sell a home through Bitcoin. Other digital currencies, such as ripple, also attempted to recover much of their losses Thursday. On Tuesday, reports that China and Russian Federation may enact more regulations around cryptocurrency exchanges sent Bitcoin, Ethereum, and Ripple dropping billions off their market caps. There's nothing to guarantee that, just as massive crashes like the one we just witnessed can't be anticipated.

Ripple's XRP coin has fallen 74 percent from an all-time high of $3.84 hit on January 4, erasing a staggering $44 billion from the holdings of Larsen. The digital currency has gained 69.2% in the past 24 hours, according to Coinmarketprice.

Many organizations are still reluctant to trust blockchain technology, however others have found good use cases for it apart from Bitcoin.

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