Bitcoin falls below $10000 as sell-off continues

Businessman looking at financial charts in frustration

Businessman looking at financial charts in frustration

Prices have now fallen 52 percent since bitcoin's all time high $19,343.04 in December. The value of one bitcoin fell to $9,958 (Sh1.02 million) on Wednesday before making a slight recovery, according to a price index run by the news site Coindesk.

Worries about a crackdown by global regulators on cryptocurrency trading could slow the pace of bitcoin's rise but should not threaten its existence, investors and market participants at a cryptocurrency conference said on Thursday.

More than 80 percent of the total number of Bitcoin has already been mined, according to a new report.

It is notoriously hard to be certain of what causes moves in Bitcoin's value - the asset has been much more volatile than most traditional currencies and commodities to date - but speculation that regulators may be about to restrict trade has been causing concern.

This is published unedited from the PTI feed.

Even with the massive fall the Daniel Duarte Figueiredo who is a co-founder of Auctus blockchain firm remain very optimistic that Bitcoin will recover.

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While Wall Street said there was no apparent reason for Bitcoin's fall in stock price, breaking below $10,000 to $9969.01, it did follow comments from South Korean authorities regarding tougher regulation on digital currency trading.

Bitcoin skidded a further 12% on Wednesday, marking an nearly halving in value from its peak price, with investors spooked by fears regulators could clamp down on the volatile cryptocurrency that skyrocketed previous year.

Bitcoin is the biggest cryptocurrency in terms of market cap, but it only accounts for a third of the cryptocurrency market - and is affected by market-wide events. One virtual currency exchange, Bitconnect, dived 93 percent late Monday.

Comparing the asset class to Viagra, which was discovered in heart-medicine research, a Russian central banker Wednesday said that holders of cryptocurrencies now view them not as a means of payment, but as an investment asset. But the Bitcoin slump is particularly severe, with the currency having plummeted below the $10,000 mark for the first time since November.

Various theories have been put forward for this week's abrupt halt to bitcoin and the wider cryptocurrencies' vertiginous recent climb.

All eyes are on South Korea and China for updates on proposed regulations.

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