Bitcoin sinking like a stone with cryptocurrency market in freefall



India is planning steps to ensure cryptocurrencies are illegal within its payments system, while at the same time appointing a regulator to oversee unregulated exchanges that trade in "crypto assets", a finance ministry official said on Monday.

As of Tuesday, it dropped to $6,424, losing two-thirds of its all-time high of almost $20,000 value from mid-December.

Ripple (CURRENCY:XRP) traded down 16.6% against the dollar during the one day period ending at 13:00 PM Eastern on January 29th. It has erased about 65 per cent of its value from a record high $19,511 in December.

Tightening legislation in several countries appears to have shaken confidence in crypto-currencies.

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The chiefs of both regulators are expected to recommend that the U.S. government tightens the rules governing the crypto-currency market to reduce the risks of fraud and market manipulation, according to pre-released testimonies.

The currency, which surged more than 1,300 percent previous year, has lost nearly half its value so far in 2018, as more governments and banks signal their intention to crack down.

Where is the Support Level?

The latest events over the last month or so have been major hits to the overall value of bitcoin. The current price of Bitcoin is $6,298.63 which is as low as 23%.

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Coming the iPhone 8 Plus , the 64GB variant of the smartphone now costs around Rs. 77,560 and the 256GB variant costs Rs. 91,110. The three-year-old iPhone 6S will start at Rs 42,900 in India for the 32GB variant, while the 128GB version will cost Rs 52,100.

The latest fall comes a day after several major USA and United Kingdom banks banned customers from using credit cards to purchase the digital currency.

The head of the Bank for International Settlements, Agustín Carstens, said, "bitcoin had become a combination of a bubble, a Ponzi scheme and an environmental disaster that threatened to undermine public trust in central banks". Other worries are plaguing the digital currency market, particularly around a cryptocurrency called tether.

But thankfully for crypto traders, the industry has ended up bouncing back from its sharp decline and even managed to push higher. Therefore, it's quite hard to predict where cryptocurrency prices will stand by the end of the next month. He has worked for global clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects.

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