Bitcoin - What Goes Up Must Come Down

  • Bitcoin - What Goes Up Must Come Down

Bitcoin - What Goes Up Must Come Down

Mati Greenspan, an analyst at eToro, believes the crypto markets are overreacting to the Tether news, saying in an email: "Several clients have already approached me asking what the ramifications could be, but honestly, I really don't see the big deal". In the 24 hours ending at 6:45 a.m. ET Friday, Bitcoin fell over 17%, Ethereum fell more than 32%, Ripple was down 38%, and Bitcoin Cash was down over 27%. India, which has likened the market to a Ponzi scheme, on Thursday vowed to eliminate their use.

"Following the ad ban by Facebook, China banned advertising cryptocurrencies as well".

The total market capitalization or value of all cryptocurrencies in circulation was $402.9 billion at the time this article was written.

Investors also worry that the prices of Bitcoin as well as other cryptocurrencies were manipulated by cryptocurrency exchange Bitfinex.

However, Blockchain technology is the most welcomed by all countries.

Social media website Facebook (FB.O) said this week it would ban cryptocurrency advertisements because many were associated with misleading or deceptive promotional practices.

Retail investors have poured money into digital coins, enticed by the huge run-up in prices.

Ethereum, which is called the main competitor of bitcoin, has received the rating B: bitcoin.

"Short-term pessimism misses the point that it [regulation] could make the ecosystem thrive in the long term", said Charles Hayter, founder of London-based Cryptocompare.

Bank of England governor Mark Carney said this week that the G20 needed to consider how easily digital coins should be converted into other central-bank issued currencies, as well as the role of anonymity, as "a lot of the underlying use of these currencies has been illicit activity". But early January, the price suddenly falls down from $20K to $14K.