Cryptocurrencies Flagship Wallet Provider Bitcoin.com Surpasses 1 Million Downloads

Cryptocurrencies Flagship Wallet Provider Bitcoin.com Surpasses 1 Million Downloads

An estate agent has warned about the pitfalls of permitting house sale transactions in the cryptocurrency Bitcoin, as its value tumbled.

Some observers say the recent drop in value shows that bitcoin was overpriced.

"What we're seeing is part of the evolution of bitcoin", he said. Cryptocurrency markets in South Korea and Japan are notable in the sense that tokens are generally priced at a premium in those regions, and with regulatory pressure, traders in both countries may have been prompted to sell off. Other major cryptocoins including Ethereum, Ripple, Bitcoin Cash, Litecoin, and more are riding the same wave of uncertainty. Bitcoin was sitting at around $14,000 before it dropped to below $10,000, though it's climbed back up to more than $11,000 on Wednesday. This news comes after the government closed cryptocurrency exchanges and significantly impacted the country's cryptocurrency scene, as well as the current steps towards banning initial coin offerings.

There has been reporting of more expected fluctuations in the price and market value of Bitcoin and other digital currencies since more and more venture capitalists are joining the crypto market.

So given that it increased nearly fivefold in terms of value in around two and a half months through to mid-December, it's hardly surprising that we're seeing some major volatility on the down-slope.

Analysts put the fall down to regulatory concerns in South Korea, China and now Russian Federation.

"[That] is obviously running very, very true with bitcoin".

Bitcoin  US Dollar FX Chart Daily
Cryptocurrencies Flagship Wallet Provider Bitcoin.com Surpasses 1 Million Downloads

Charles Hayter, founder of Cryptocompare, said: "There is a lot of panic in the market".

Cryptocurrencies are tumbling since hitting the peak on Jan 7 when the total crypto market capitalization had touched the level of $813 billion.

South Korean news website Yonhap reported that Finance Minister Kim Dong-yeon had told a local radio station that the government would be coming up with a set of measures to clamp down on the "irrational" cryptocurrency investment craze.

Separately, a senior Chinese central banker said authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services.

Major Korean banks earned 2.2 billion won (US$2 million) past year in commissions for providing virtual accounts to cryptocurrency investors, government data showed on January 18.

"The bitcoin story is not over; hold on to your bitcoin", says David Mondrus, CEO of Trive, a company that counters "fake news" with the use of blockchain technology.

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