Bitcoin price falls as cryptocurrency suffers worst two days in years

Bitcoin price falls as cryptocurrency suffers worst two days in years

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The value of Bitcoin fell by more than 50 per cent in the space of just a month after its worst two-day performance in three years. Amid investor f

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Ledger Nano S - The secure hardware wallet

The value of Bitcoin fell by more than 50 per cent in the space of just a month after its worst two-day performance in three years.

Amid investor fears over new regulatory measures around the world, the cryptocurrency plunged to $9,500, after hitting highs of almost $20,000 just weeks earlier.

The fall in price came as governments – including those in China, South Korea and Russia – toughened their language on the regulation of digital currencies.

Neil Wilson, senior market analyst at ETX Capital, said: “This bout of selling appears to have been sparked by a tightening of the regulatory noose on the wider cryptocurrency market.

“In addition to signals that South Korea and China may ban trading on cryptocurrencies, we have heard comments from Russian leader (Vladimir) Putin that the country will seek to regulate the market more tightly.”

Price plunge: Bitcoin (AFP/Getty Images)

A year ago, in January 2017, the currency was valued at £900.

Germany’s Bundesbank has also called for global regulation of Bitcoin, while France’s finance minister wants tougher rules for cryptocurrencies.

Last week US billionaire Warren Buffett ruled out a foray into cryptocurrencies, warning that the Bitcoin boom will “come to a bad ending”.

The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency, which endured a rollercoaster ride at the tail end of 2017.

His comments came just a day after JP Morgan chief executive Jamie Dimon said he regretted calling Bitcoin a “fraud”.

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