Bitcoin Back Above $10,000 As Ethereum, Ripple Swing Wildly
Bitcoin was trading below $10,000 again Wednesday after a 23% plunge Tuesday that sent the price below the key psychological mark for the first time since December, as other cryptocurrencies like Ethereum, Ripple, Litecoin tumbled.
X Bitcoin was down 15% early to $9,636.40, and Ethereum tumbled 21% to $831.27, according to CoinDesk. Ripple was down 30% vs. 24 hours ago at 97 cents, and Litecoin was down 24% at $154.25, according to CoinMarketCap.
Late Tuesday, BitConnect announced that it will shutter its lending services and exchange platform but the website will still operate for news and educational purposes.
BitConnect reportedly received cease-and-desist letters from regulators in Texas and North Carolina for the unauthorized sale of securities. It also was the victim of denial-of-service attacks.
Among Bitcoin-related stocks on the stock market today, Marathon Patent Group (MARA) lost 5.3%, Bitcoin Investment Trust (GBTC) plunged 14%, Riot Blockchain (RIOT) fell 2.8% and Overstock.com (OSTK) retreated 3.1%.
IBD’S TAKE: Bitcoin’s meteoric rise has done more than make some daredevil investors rich overnight. It’s also put blockchain – the software technology enabling Bitcoin and other cryptocurrencies — on a trajectory of its own.
Regulators elsewhere are also taking a harder stance. On Tuesday South Korea’s finance minister said that banning trading in digital currencies was “a live option” and China’s central bank is reportedly pushing to ban cryptocurrencies.
Officials in Denmark, Japan and Singapore have already issued warnings about trading Bitcoin and other cryptocurrencies.
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