Newsflash: Bitcoin Price Plummets Near $11,000  in 2018-Low

January 16, 2018 12:40 PM UTC

Bitcoin price dropped to a 2018-low during Tuesday’s morning trading (GMT), losing over $2,300 (Bitfinex) in a 17% fall in just under 3 hours.

Dampened by regulatory scrutiny in Korea, home to one of the world’s biggest crypto markets, bitcoin and other cryptocurrencies continued their descent today. After opening Tuesday’s trading near $13,500 on USD-based Bitfinex, bitcoin price settled at $13,200 at 07:00 (GMT) before a collapse that led the world’s first cryptocurrency drop to a low of $10,891 near 10:00 AM.

At the time of publishing, bitcoin price is showing signs of a recovery in trading near $12,000.

Coinciding with Korea’s regulatory squeeze, multiple reports today have also pointed to a senior Chinese central bank official proposing a wider ban on cryptocurrency trading that would extend to both domestic and offshore trading platforms. The call for a ban includes cryptocurrency services such as mobile wallet apps and clearing and settlement providers in an effort to censor Chinese citizens from trading in cryptocurrencies.

Negating a momentary flash crash on December 23, today’s low is closer to bitcoin’s trading value in the first week of December when the cryptocurrency rode a wave of momentum to hit an all-time high near $20,000, nearly a month ago to the day.

At the time, markets were buoyed by the impending launch of bitcoin futures contracts by Chicago-based operators CBOE and the CME Group – signaling a trend of anticipation of Wall Street whales to get into the cryptocurrency ecosystem.

Bitcoin’s drop mirrors wider losses across the cryptocurrency market with nearly $147 billion wiped off since the turn of the day.

Click here for a real-time bitcoin price chart.

Featured image from Shutterstock.

Last modified: June 14, 2020 9:34 AM UTC

Samburaj Das @sambdas

Samburaj is the Chief Editor of CCN.com, one of the earliest and foremost publications covering blockchain, cryptocurrency, and financial technology news. He has authored over 2,000 articles for CCN.com. Reach him at samburaj@ccn.com. Visit his LinkedIn profile here or his Muck Rack profile here. Samburaj Das is a Trusted Journalist.