Global stocks stabilize after China-led wobble
"Korea and Asia in general has been a strong support for the crypto currency markets adding users and demand with prices often trading at a premium", but now "uncertainty is spooking the markets to a degree", he said.
Other popular cryptocurrencies ethereum and ripple also posted double-digit losses. The cryptocurrency's market capitalization now stands at around $198 billion, according to Reuters.
South Korea justice minister Park Sang-ki said on January 11: "There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges". Speaking on a radio program, Dong-yeon said that "the shutdown on virtual currency exchanges is still one of the options".
Bitcoin fell to a six-week low of $11,685 (£8,500), dropping from over $13,000 in the space of an hour, a near-instant 10pc fall.
Bitcoin dropped below $12,000 this morning, falling as low as $11,182 to a four-week low as the notoriously volatile digital currency shed almost $1,000 in just an hour. "But we maintain our stance".
In a press release today, deVere Group said it would defy "financial traditionalists" and launch the new app for iOS and Android.
In December, when Bitcoin was at its peak, the US Securities and Exchange Commission (SEC) addressed a "number of concerns" raised regarding cryptocurrency and initial coin offerings (ICOs).
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Mason said the province privatized road maintenance services under the previous Progressive Conservative government. In 2016, just before the company ran into financial trouble, rules were changed to protect executive bonuses.
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Bloomberg reported on Monday that the Chinese government was also planning to shut down online marketplaces that allow the trading of domestic Chinese as well as foreign cryptocurrencies.
Cryptocurrencies are entering an important era with the recent introduction of Bitcoin into the futures market and the prices of alt-coins exploding to the upside driving the market capitalization higher which can reach 1 Trillion during this year.
The world's most valuable and famous cryptocurrency has had a miserable year so far, dropping from an incredible high of nearly $20,000 before Christmas.
Regulators will also target people and companies that provide market-making, settlement and clearing services for centralized trading.
Hayter describes the current market sentiment as "profit taking on the increased risk scenarios going forward".
Coindesk reported that "all the top 20 cryptocurrencies by market capitalization are in the red today", with "the overall market cap for all tokens is at $584.9 billion at press time - down from a high of $832 billion on January 7".
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