The price of Bitcoin reached the lowest point since November 2017

News24xx.com - The price of Bitcoin now reached the lowest point since November 2017 after suffering a dramatic collapse that makes the price of Bitcoin has declined in value by half.

This morning, Bitcoin slumped to USD 6,000 (about £ 4,294) for the first time since November 12, 2017. This is raises concerns nwhe Bitcoin prices are crumbling in the crypto market and makes many investors feels panic, and pushing prices lower.

This virtual currency once peaked almost USD 20,000 in December. On the Luxembourg-based Bitstamp stock exchange, Bitcoin dropped to USD 5,920 today, the lowest level since mid-November, before recovering slightly.

Other Cryptocurrencies including Ripple and Ethereum have also fallen sharply in value this week. The ongoing collapse of Bitcoin is described as 'bloodshed', a 'horror show' and 'massacre'. And nicknamed 'cryptopocalypse' on Twitter.

Now China is preparing to fight the trade that husing Bitcoin and other crypto. China has banned the exchange of cryptocurrency and initial coin offering (ICO), the name for a process which the company finds its own virtual currency and then sells a percentage to investors to finance the business.

Business virtual currency will also move to Hong Kong. But now Beijing will ban people from using other country-based exchanges, which will make it hard for most Chinese to buy and sell Bitcoin, Ripple, Ethereum or any other crypto.

"To prevent financial risks, China will step up measures to remove ground or offshore platforms linked to virtual currency trading or ICO," a report in a publication that called as Financial News related to the People's Bank of China said.

If China continues to ban virtual currency circulation, it will make the kriptocurrency market freefall as it will effectively stop the 1.3 billion people from being involved in the currency sector, while as we known the virtual currency is one of the potentials to gives many people great wealth - or let them to face destruction.

Last week, Connor Campbell, a financial analyst at Spreadex's financial spreading firm, said: 'Cryptococcus has had a very significant change in value. Now the price is very low due to the tight regulations in China and South Korea. Not only that, now Facebook also prohibits advertising for virtual currency products on its website, "he said.

"Bitcoin has suffered another major blow on Friday, February 9, 2018. Its value plunges to 10.5% to 8,000 following a report that the US Commodity Futures Trading Commission is now investigating cryptocurrency in 2017 for signs of market manipulation."

 

Along with South Korea, regulators in China, Russia and now India have expressed concern about Bitcoin.

The German Bundesbank is calling for a global regulation on Bitcoin, while France's finance minister wants a stricter crypto regulation. India also hinted at plans to 'eliminate' crypto payments.

But before you start feeling sorry for Bitcoin investors, you have to remember that the price of a single Bitcoin remains much higher and some experts believe that the Bitcoin price could reach USD 100,000 and the Bitcoin miners could generate a lot of virtual currency and make the cryptocurrency investor will become very rich .

Earlier this month an US billionaire Warren Buffett warned that the Bitcoin price explosion would 'end badly'.

 

 

 

 

News24xx.com/dev/red