NEW YORK (AP) - The volatility of the digital currency markets was on display again Wednesday, as bitcoin briefly fell below $10,000 before rebounding back above $11,000 in the USA afternoon. It's also put blockchain - the software technology enabling Bitcoin and other cryptocurrencies - on a trajectory of its own.
The epic crash yesterday by bitcoin and all cryptocurrencies across the board continued this morning. More investors hopped on board the digital currency train in an effort to make quick money.
The value of one bitcoin fell to $9,958 (£7,222) before making a slight recovery, according to a. The latest, from Engadget, tells the tale of a reporter who managed to salvage $US200,000 ($263,713) in bitcoin after travelling to Hong Kong and getting extremely lucky.
Most recently, Billionaire investor Warren Buffett revealed in an interview to CNBC that he would never invest in Bitcoin. Its current price is still roughly double where it was in November, and down sharply from its recent peak of $1,329 on January 10. 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.
As of Tuesday morning, ET, more than 212,700 had signed a petition launched December 28 on the website of the South Korean presidential office. All eyes are on South Korea and China for updates on proposed regulations. 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.
A recent analysis by the University of Tulsa and Tel Aviv University revealed that Bitcoin's peak value of $1,000 towards the end of 2013 might have actually been the result of market manipulation by the folks at Mt. Gox.
In less than 24 hours, the crypto market dropped from a $710 billion market cap to $536 billion at the bottom of the slump.
The price of market leader, Bitcoin, plummeted as much as 18 percent amid renewed concerns about greater government regulation.
Australia is looking to follow Japan in regulating cryptocurrencies.
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