After it appeared yesterday, news of a new offensive by Chinese regulators on cryptocurrencies and the possibility of new restrictions in South Korea, the cryptocurrency market continues to fall across the front. Almost all of the first hundred of cryptocurrencies, except for tied to Vietnam, with levels Sunday fell by 20-40%. In the last 24 hours the bitcoin exchange rate has fallen for a day almost $3 000, i.e. 25%, the local minimum at the time of publication was $9 220. All the major cryptocurrencies, including Litecoin, Ethereum and Bitcoin Cash also decreased by 25-30%.
From January 15, the market capitalization of cryptocurrency has dropped from $700 to below $450 billion over the 48-hour period. Over the last few hours in the cryptocurrency market showed some signs of recovery, and bitcoin is again approaching $10 000, this time from below.
All crypto currencies are falling against the dollar by a small margin. For the month, on December 17, bitcoin fell from $20 000 below $9500, that is more than 50%, showing minimum December 1, 2017.
The market capitalization of cryptocurrencies falls on review for further tightening of policy in relation to the cryptocurrency from the Vice-Chairman of the people’s Bank of China. This had an additional negative impact on the market amid allegations from South Korea. However, since the Chinese segment of the industry has long been on the verge of a ban, the decline was primarily caused by speculative actions of bears, and when they will start to fix profit, begin a new upward movement.
On the other hand, the medium term looks uncertain, as after the tenfold rise in the last quarter of last year, the market may need another few months to consolidate.
As for bitcoin, the significant growth factors for him will be the widespread introduction of SegWit and Lightning Network, which can be expected in April-may. About the same period, it is expected to move Ethereum to hybrid mining, which will also increase the capacity of its blockchain and will significantly reduce the fee.