A Major Correction Hits Crypto Markets, Majority of Digital Currencies on a Free Fall

16. Jan 2018 Posted by Akolkar B on News

All is just not fine with the cryptocurrency market as Bitcoin along with other altcoins is seen correcting majorly in double-digit percentages. At the press time, as per our data, Bitcoin has plunged over 16% with its 24-hour high above $13,500, and is currently trading at sub $11,500 levels.

This is for the very first time that the price of Bitcoin went to sub $12,000 in past one month after Dec. 4. In addition to Bitcoin, other alt coins too have reacted in a similar manner as Ethereum price has corrected by nearly 17% while Ripple has corrected by almost 25% in just 24 hours.

20 other altcoins in the top list of cryptocurrency table are seen correcting in double-digit percentages. The overall market valuations which crossed high above $800 billion earlier this year in 2018 has now slipped below $575 billion and is currently at $563 billion.

This major correction comes amidst a lot of regulatory pressure coming from South Korea and China in some efforts to suppress the optimism within crypto enthusiasts. The recent bearish sentiment in the market has arrived out a completely confused situation currently prevailing in Seoul while Beijing had been continuously working on plugging all the benefits to local cryptocurrency miners and its associated activities.

Moreover, last week in South Korea, there has been a huge uproar in the country’s local crypto investor community after initial reports about the Korean government planning to ban Bitcoin trading. Later, having faced a huge backlash, the government withdrew the possibility of such a move and arrived with a clarification that no such decision has been planned.

Moreover, as recently reported by Bloomberg, China is taking a step in order to eliminate all crypto related activities in the country. China is also planning to put a ban on alternate trading sources, like mobile apps and other online platforms which provide crypto exchange solutions.

The current scenario is quite a scary one especially when the crypto markets have been going on a wild upswing since the past two months. Many financial analysts and professionals have been talking about a possible bubble in the crypto market and some have even went to the extent of predicting a crash.

We don’t know whether this is the start of that scenario, but 2018 has surely got more surprises ahead this year.