CRYPTOCURRENCY TAKES A DIVE - Due To Gov Clampdowns

Monday, January 15, 2018

CRYPTOCURRENCY TAKES A DIVE - Due To Gov Clampdowns

Investors were hoping the cryptocurrency boom would make them incredibly wealthy. But it’s now feared a decision by a nation that’s one of the world’s biggest crypto-markets could send prices plummeting and leave vast numbers of people out of pocket. Yesterday, the South Korean government announced plans to ban cryptocurrency trading. The news sent Bitcoin prices plummeting and threw the virtual coin market into turmoil as the nation’s police and tax authorities raided local exchanges to investigate allegations of tax evasion. The price of Ripple and LiteCoin also dropped following the news and even Ethereum’s seemingly inexorable rise was briefly interrupted, although its price seems to be recovering. A press official said the proposed ban on cryptocurrency trading was announced after ‘enough discussion’ with other including the nation’s finance and financial While cryptocurrency market analysts and investors are optimistic that the bitcoin price will set new record highs in 2018, Wall Street consultancy firm Quinlan Associates has predicted a total collapse of the world’s flagship cryptocurrency by the end of 2018. Ripple’s dramatic price decline — a staggering 46% over a six-day time period — offers a stark reminder to investors and speculators: Not all cryptocurrencies are the same. The stratospheric rise of bitcoin over the past year has brought along a number of so-called “alt-coins.” Many of these alternative cryptocurrencies claim to offer investors more advanced technology than bitcoin’s blockchain and have benefitted from the cryptocurrency bitcoin created. But amid the broad cryptocurrency selloff in recent days, Ripple’s fall has been the most dramatic, more than doubling the losses of bitcoin. Unlike most cryptocurrencies, Cryptocurrency Cash "Transfer Money" Bitcoin Litecoin Ripple Ethereum Payment "App Payment" 2018 2019 future Mining "Crypto Mining" "Cloud Mining" bank banking "bank account" invest investment ICO trending trends market markets "trade bitcoin" trade trading which play up their decentralized structure, Ripple’s founders decided to go the other way. They have created a currency that’s highly centralized, which means that the company — not individual investors — controls how much supply of XRP leaks out. In fact, some argue that Ripple isn’t even a cryptocurrency because transactions are processed in a centralized fashion and no new XRP can be “mined” by investors, as is the case with Bitcoin and Ethereum. In the short term, Quinlan Associates sees nothing but a period of a critical bloodbath for bitcoin and the crypto ecosystem as a whole. However, the firm opined that the market would be rebound after the crash to experience another period of growth triggered by cryptocurrencies with strong foundations and a clear utility. “While we anticipate valuations to decline in the short-term in response to the widespread unwinding of the digital currency space, the price of utility cryptocurrencies is likely to recover and dominate the market in the long-term,” the report declared. CoinMarketCap's decision to exclude average-price data from Bithumb, Coinone and Korbit resulted in a sudden drop in displayed prices

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Monday, January 15, 2018