Insta
Cboe Global Markets exchange shows Bitcoin cash and futures prices (Scott Olson/Getty Images)
The Bitcoin plummeted again yesterday (12 January), sending the most-used cryptocurrency on course for its worst weekly performance in the last three years as various regulators across the globe step up scrutiny and regulation out of concerns ranging from investor losses, hoarding and strains on power systems, reports Bloomberg.
The Bitcoin has seen a 22 per cent fall in the last week, the highest such slump since January 2015 and down 33 per cent down from its peak in mid-December.
Among the various factors behind the fall is South Korea’s justice minister making repeated reiterations to ban cryptocurrency exchanges while they were downplayed by a spokesperson of the President.
Mining of cryptocurrency is set to become expensive in China with the government cracking down on miners for increased power consumption.
Scrutiny is increasing in the United States over fraudulent uses and money laundering with the chairmen of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) set to testify to the Senate Banking Committee on the risks associated with the Bitcoin.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest