Tuesday, 6 February 2018
Bitcoin Price on Relentless Collapse as Global Crackdown on Cryptocurrencies Expand
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The price of bitcoin was in a freefall on Tuesday as losses of as much as double digits became the new norm in the highly volatile market in recent trading sessions. The broader cryptocurrency world also suffered greatly today, leaving investors who entered the market in December of last year to live through enormous agony.
Bitcoin lost 23.51 percent to reach 6,114.2 U.S. dollars on Tuesday, losing nearly 60 percent of its record value that it posted in December. Ethereum, the second biggest cryptocurrency, plummeted by 29.19 percent to 578.4 dollars. The overall cryptocurrency market capitalization fell to 279.4 billion dollars today from 520.6 billion dollars when the month began.
The rapidly falling price of cryptocurrencies was alarming enough for many governments and financial institutions to take defensive actions. Adding to news over the past weeks of crackdowns in South Korea and India, Chinese authorizes announced yesterday that the government will use its famous Great Firewall of China to block access to cryptocurrency exchanges.
China had already decided to ban domestic cryptocurrency exchanges, however, the move led Chinese investors to make use of underground channels and foreign trading platforms. The country will now block investors from accessing websites that offer cryptocurrency trading services and initial coin offerings, according to reports that emerged today.
The block will cut the outflow of funds to overseas exchanges, which has a long history of being condemned by Chinese regulators. In addition, the block will also limit criminal cryptocurrency uses, illegal hedging tactics, and tax evasion.
To further increase the speed of cryptocurrencies’ downfall, news broke out in the United States of legal actions against one of the largest bitcoin exchanges in the world. The U.S. Commodity and Futures Trading Commission sent a subpoena to the Bitfinex exchange on December 6, according to a person familiar with the matter.
The subject that grabbed the commission’s attention appears to be Bitfinex’s connection to Tether, a virtual currency that is claimed by the exchange to be pegged to the U.S. dollar at an equal value. However, doubts have accumulated since December about the genuineness of that claim as Bitfinex failed to provide evidence to back it.
If these doubts are confirmed, then the 2.2 billion dollars of Tether coins that currently exist were basically created out of thin air by Bitfinex to buy bitcoins and bolster its value.
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