Having witnessed the biggest daily sell-off in four months, Bitcoin, the biggest and most traded cryptocurrency and most of its best-known counterparts have staged a comeback. Get updated on the 18 January Bitcoin Price Fundamental Analysis.
18 January, GKFX– On Wednesday, the China Securities Times quoted unnamed government sources, citing that the Chinese authorities are targeting crypto trading platforms in a further crackdown on cryptocurrencies. Meanwhile, South Korea’s Finance Minister said on Tuesday that banning trading in cryptocurrencies was still an option.
18 January Bitcoin Price Fundamental Analysis
Bitcoin, the biggest and most traded cryptocurrency, consolidates its overnight recovery in a $ 1000 range just ahead of the $ 11k mark, as the dust settles over the fears of the regulatory crackdown on the virtual currencies across Asia.
The spot lost almost gave up 50% of its value from record peaks of near $ 20000 levels and fell to four digits on Tuesday at $ 9,231 after speculations mounted that South Korea and Chinese regulators are boosting their crackdown efforts to curb the digital currencies trading.
Ethereum, Ripple, Bitcoin cash reversing recent sell-off
All of its counterparts also reversing the recent sell-off, with Ethereum up +2.3%, Ripple rallying 20% while Bitcoin cash bounces 5% on the day, according to the CoinMarketCap data.
The crypto markets appear to have ignored the latest South Korean headline, citing that the South Korean regulator is said to consider shutting down all virtual currency exchanges. Most industry veterans view the sell-off as a good buying opportunity while adding that the traders could still continue to trading the digital currencies by switching onto exchanges in the countries that haven’t banned the cryptocurrencies.
Meanwhile, the cryptocurrency market cap also increased to $ 544 billion versus yesterday’s $503 billion. More than $200 billion has been wiped off the value of global cryptocurrencies over the last four trading sessions.
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