Crypto Market Suffers – Bitcoin plunges below $12,000

Bitcoin

Bitcoin and Altcoins is droping down up to 40% Tudesday, 16 JAN 2018. Altcoin is also droping down rapidly because of 2 reasons, first reason is South Korea Finance Minister Kim Dong-yeon said that “the shutdown of virtual currency exchanges is still one of the options”. This Reopt is from Yonhap News. Last week, it emerged that South Korea banned cryptocurrency trading. Another Reason is China also reportedly plans to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading.

Bitcoin 24-hour performance

Bitcoin is taking a hit today, touching 3.5 week lows at the time of writing. Altcoins & Bitcoins  lost up to 40% of their value the morning of Tuesday, Jan. 16.  As of writing, Ripple (XRP), stellar lumens (STR) and cardano (ADA) are down at least 25 percent on the day each. Ethereum’s ether (ETH) token has shed 18 percent in value in the last 24 hours.

 

So people where asking “All coin going down. what should we do?”

If you are wondering why all altcoins has gone down so significantly. It is mostly because Bitcoin is under attack and has gone down significantly. When Bitcoin goes dwon, most coins go dwon with it. With all the FUD that has come out against Bitcoins from mainstream media, and countries talking about banning cryptocurrencies, it was only a matter of time before this happen. People have become fearful of keeping their money in Bitcoin. And now, Bitcoin is going down even more because people are panic selling.

 

These are dark times for crypto advocates.

 

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