2018-02-06 08:00:00

Cryptocurrency crash: Bitcoin plummets 60 per cent in month as market continues to tumble | City & Business | Finance

Leading cryptocurrency market tracker Coinbase showed that Bitcoin’s value had dropped by 60.06 per cent since the last month.

The virtual currency’s price at the time of writing was £4869.30 ($6,800.70) that marked a decline of £7,323.76 ($10,225.58) since this time last month.

Back in December, Bitcoin hit an all-time high of £13991.86 ($19,535.70) on December 17 before sharply declining.

A brief resurgence of the cryptocurrency occurred on January 6 when the value hit £12,201.24 ($17,035.60) before dramatically going into free fall.

Today the Bitcoin market opened at 5866.06 ($8,186.65) and closed at £4,717.78 ($6,583.56) that marked another sad day for cryptocurrency investors.

Bitcoin Cash, Ethereum, Litcoin, and Ripple are all similarly experiencing downward market trends.

As markets have fallen, countries around the world have continued to clamp down on virtual currencies with India being labelled as the next significant nation to outlaw them, according to a finance ministry official.

New Delhi’s economic affairs secretary, Subhash Chandra Garg, stated that the government is setting up a panel to analyse cryptocurrencies and aims to submit a report on them in the current fiscal year.

He explained: “The government will take steps to make it illegal as a payment system. As well as having a regulator in place.

“We hope now within this financial year the committee will finalise its recommendations… certainly, there will be a regulator.”

Meanwhile, there are fears that China could harness its Great Firewall to block access to virtual markets.

Any and all websites offering services related to cryptocurrencies have been wiped from search engines and social media in the Asian superpower.

Initial coin offerings (ICOs) have already been banned in China.

A source form the People’s Bank of China-affiliated Financial News declared: “Overseas transactions and regulatory evasion have resumed.

“Risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling.”

The central bank reportedly said it would “tighten regulations” on Chinese people’s participation in overseas cryptocurrency transactions and ICOs.

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