Published: Sat, January 13, 2018
Finance | By Loren Pratt

Bitcoin, Ripple, Litecoin, Ethereum price fall with calls for tighter regulation

Bitcoin, Ripple, Litecoin, Ethereum price fall with calls for tighter regulation

Cryptocurrency experts suggest that 2018 could be the Ethereum's year just like how last year was bitcoin's year. The price of bitcoin declined more than $2,000 compared to a month ago level, up more than 1,600% over the same period previous year.

In last four days, bitcoin has lost $65 billion, Ripple $65 billion, Bitcoin Cash $9 billion and Tron $5 billion in their valuations. This is after the made a decision to exclude some Korean exchanges from the calculations because there is a high variance in prices from the rest of the world.

Still, the optics aren't good on this, and show the limitations bitcoin and other cryptocurrencies face to become more mainstream. Its developers seem to be taking all the necessary steps for maintaining high transaction speed in the network's ecosystem, while solid third-party specialists are likely to provide Ethereum with the main market positions by year-end. One bitcoin is worth thousands of dollars.

Cryptocurrencies have been known to trade at hefty premiums on South Korean exchanges thanks to the country's tight controls on capital. Initially, reports of strict regulations and higher taxes on bitcoin miners in China negatively impacted cryptocurrencies.

Or put another way, why would someone use their bitcoin to buy, say, a house, if they believe the price of bitcoin is set to rise another 20 times from its current valuation? According to statistics, it opened the year at $752 and as at January 10, it had gained 70.6%.

While there are many misconceptions, there is no direct positive relationship between the absolute value of one coin of cryptocurrency and its technological edge (convenience). People who invested in bitcoin when it was at $1000, today they are reaping all the profits. Investors began considering less popular altcoins such as Cardano, Stellar and Tron, which momentarily went on to display significant growth.

The report, released Wednesday and written by Goldman strategists Zach Pandl and Charles Himmelberg, highlights that the US dollar's usage by other nations means there is a demand for a store of value and medium of exchange that can be used across national borders, according to Bloomberg. The currency, with four tradable cash-settled contracts a year, will give investors the much-needed impetus in terms of transparency, price discovery and the ability to transfer counterparty risk efficiently, especially with hackers gaining access to cryptocurrency accounts, leading to some of the crypto platforms forcibly shutting down after incurring millions of dollars in losses.

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