The regulatory crackdown in South Korea and China is seen gathering steam as cryptocurrencies crash on fears. Meanwhile, the 16 January Bitcoin Price Fundamental Analysis. What else is revealed in the analysis?
16 January, GKFX– Some nations are also looking into ways to restrict the use of cryptocurrencies. Chinese authorities have banned cryptocurrency exchanges all over the country earlier last year. Today’s news notes that Chinese officials are attempting to further escalate the clampdown on cryptocurrencies.
16 January Bitcoin Price Fundamental Analysis
Bitcoin, the most dominantly traded digital currency, resumed its recent selling spiral and lost almost 18% on the day to a hit a four-week low at 10,892, before recovering some ground to now trade around 11,590 levels. The sell-off puts Bitcoin almost 40% down from its Dec peaks near the $ 18k mark.
The spot tracked the broad-based sell-off across the cryptocurrencies’ space as the regulatory crackdown in South Korea and China is seen gathering steam, with the South’s Finance Minister saying that banning trading in cryptocurrencies was still an option. Additionally, the Chinese efforts to outline a centralized trading of virtual currencies also underscores the crackdown fears.
Ethereum Ripple and Bitcoin cash Down
All the top cryptocurrencies by market capitalization are in a sea of red today, with Ethereum down 21%, Ripple down 26.50% and Bitcoin cash losing 21% so far this Tuesday, according to CoinMarketCap data.
Meanwhile, the cryptocurrency market cap fell dramatically by 20% to $561.92 billion, with Bitcoin’s share increased slightly to 35% of global cryptocurrency trading.
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