Bitcoin slid as much as 14 percent on Tuesday to hit a four-week low below $12,000, as fears grew of a regulatory crackdown after reports that South Korea’s finance minister had said banning trading in cryptocurrencies was still an option.
South Korean news website Yonhap reported that Finance Minister Kim Dong-yeon had told a local radio station that the government would be coming up with a set of measures to clamp down on the “irrational” cryptocurrency investment craze.
Bitcoin slid on the news, trading as low as $11,730 on the Luxembourg-based Bitstamp exchange, down 13.6 percent on the day.
The latest tumble leaves bitcoin more than 40 percent down from the record highs of around $20,000 reached in mid-December, wiping about $125 billion from its “market cap” - the price of bitcoin multiplied by the total number of bitcoins that have been “mined”, or released into the market.
Hackers demand Bitcoin ransom from traders in IndiaHackers in the Indian capital region of Delhi encrypted the files of at least three traders asking for Bitcoins as ransom to release the critical ... Variety
Avoiding the Bitcoin trapPeople are always attracted to, or run after, new investment opportunities. Sometimes they do this without due diligence. They run after every chance ... Middle East
Egypt’s mufti says Bitcoin forbidden in IslamEgypt's grand mufti has said that bitcoin is forbidden in Islam, warning the digital currency could be used for criminal purposes. Bitcoin, launched ... Variety
Bitcoin: Is it the future of currency?From the time I start writing this article to the time I finish it, the fluctuating price of the digital currency ‘bitcoin’ would have ... Middle East