Bitcoin Slides Below $9,000 As Cryptocurrencies Take Beating

Feb 02, 2018 at 11:35

Bitcoin has dropped below $9,000 anew on Friday, losing more than half its peak in mid-December.

As of this writing, the biggest digital currency in the world was down 14.57 percent to $8,719.94, based on data from CoinMarketCap. This is a 56 percent drop from $19,895.10 record high reached in December 17, 2017.

Ethereum and Ripple, the second and third largest digital currencies, also dipped 14.73 percent to $972.66 and 22.02 percent to $0.895, respectively.

Cryptocurrencies have been taking a beating as more bad news come out one after another.

The latest blow came from India’s finance minister Arun Jaitley who said the government cryptocurrencies are not considered legal tender and will ‘take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system’. He noted, however, that they will continue to look at blockchain technology proactively to speed the move toward a digital economy.

Facebook also started prohibiting ads that promote financial products and services—such as binary options, initial coin offerings and cryptocurrency—that are frequently associated with misleading or deceptive promotional practices.

Earlier this week, South Korea started the real-name trading system for cryptocurrencies, preventing anonymous virtual accounts in digital currency trading, to minimize speculative investment.

The US Commodity Futures Trading Commission has also started probing Bitfinex—one of the world’s largest cryptocurrency exchanges, and Tether—which has launched a crypto coin pegged to a dollar.