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Bitcoin: What Does The Panic Result In?

By CryptocurrencyJan 18, 2018 07:08AM ET

www.investing.com/analysis/bitcoin-what-does-the-panic-result-in-200281341

Bitcoin: What Does The Panic Result In?

By | Jan 18, 2018 07:08AM ET

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Gloomy times have come for the cryptocurrency market. The last trading session cost the whole industry more than $ 300 billion. In other words, the market lost 50% of its own capitalisation. As always, Bitcoin was the driving force of the collapse. Not that it was the cause of the correction, but simply because of its status as leader of the cryptoindustry, it was the first to be under pressure, pulling along its "workmates."

The market reacted to the Chinese regulator's intention to continue tightening control over cryptocurrency trading. In a report published 2 days ago, the People's Bank of China listed measures that could be adopted in the near future. In particular, federal and local authorities should block users' access to Chinese and foreign sites, as well as mobile applications which allow centralised cryptocurrency trading. Similar restrictions should be accepted and addressed to providers of electronic wallets.

A similar news background intensified the negative effect of the Chinese regulator's desire to put an end to the mining of bitcoins in the country due to excessive electricity consumption. Given that China accounts for 80% of the world's mining capacity, it is not surprising that investors were completely disoriented. Unfortunately, they do not quickly let go of such, therefore a bearish sentiment can prevail in the market until the end of this week. For Bitcoin, this is a serious risk to be below $10,000.

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