For Bitcoin, the market cap has fallen to $139bn and, while the crypto billionaires will attempt to provide much needed support, the fall from grace suggests that some of the Bitcoin billionaires could have also headed for the door this week. More to that the price of Bitcoin is moved by speculation so we can not write off a possibility of recovery.
The Bitcoin market still remains unpredictable since there is no a central governing body. Bitcoin managed to hit a massive low, tallying its previous November 2017 price across all major exchanges.
The original cryptocurrency gained more than 1,300 percent past year.
The cryptocurrency, which gripped the attention of the markets when it soared to nearly $20,000 a coin, was trading below $7,000 on Monday for the first time since November 15, according to data from CoinMarketCap.
A 58-billion-yen theft from a Japanese cryptocurrency exchange last month also caused investors to flee from digital currencies.
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After a massive run-up a year ago, in which investors across the world piled into the market, cryptocurrency prices have skidded lower while regulators have stepped up warnings about the risk of investing in them. Not only will investors who purchase cryptocurrencies with credit cards be subject to significantly higher fees, but will also be charged interest from the moment the transaction takes place.
Clayton in testimony on Tuesday said Congress may need to change financial laws to better regulate cryptocurrencies.
The move by Lloyds follows warnings by regulators and ministers in the US, South Korea, China, Russia, India, Germany and France over the market.
"This is an extremely volatile market", said Iqbal Gandham, managing director at trading platform eToro.
There are only really three advantages of Bitcoin and other cryptocurrencies, one is the ability to mine money for free, the second is pure speculation hoping to profit as values soar and the third advantage is the lack of regulation and ease of paying anyone anywhere in the world with no currency transfer fees. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.