While Bitcoin prices surged toward the end of 2017, the cryptocurrency is seeing a 6-week low after regulators started cracking down on the market. The digital currency dipped below $11,000 around 5 pm on Tuesday, January 16, with virtual currencies ethereum and ripple also dipping down 18 and 28 percent respectively.
On Monday, Bloomberg reported that China is limiting cryptocurrency trading, and Mati Greenspan, senior market analyst at eToro, says there’s an overall lack of buyers in Asia. He explained, Japan and South Korea usually dominate this market but over the last few days, the volumes have been dropping steadily. This morning the combined volumes from these two countries dropped below 30 percent.”