Within 1 Hour, Bitcoin Prices Down Sharply

The value of a number of major virtual currency fell sharply on Tuesday (16/1/2018).

The decline was due to investors monitoring the warnings from some regulators and increasing crackdowns on the virtual currency market in China.

Quoting CNBC, a sharp decline occurred in bitcoin prices, hinggan reached its lowest point in 1.5 months. In addition, the price of ethereum and ripple also decreased significantly.

Bitcoin Prices Down Sharply, Why?

according to Data Coindesk shows, bitcoin prices had dropped to levels below 12,000 US dollars for the first time since December 5, 2017. Bitcoin prices had touched the level of 11,685.24 US dollars or equivalent about Rp 156,579 million.

That number fell by more than 10 percent compared to the position in the previous hour.

Meanwhile, based on CoinMarketCap data, the price of ethereum fell 18 percent to 1,090.96 US dollars or equivalent around Rp 14.61 million. The ripple price also dropped almost 26 percent to 1.37 US dollars per token, equivalent to Rp 18,358.

Bitcoin prices are now around 11,992 US dollars or equivalent about Rp 160.69 million.

This decline appears to be due to a lack of buyers in Asia

Japan and South Korea typically dominate trade in the virtual currency market. However, in recent days, the volume has decreased, where today the volume drop from both countries is down 30 percent.

South Korea was reportedly drafting rules to ban virtual currency trading last week. This makes bitcoin prices and a number of other virtual currencies plummeted dramatically.

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