Bitcoin price drops below $6000 Video

Clearly bitcoin and other crypto-currencies represent the mother of all bubbles

Banks are also clamping down on customers buying cryptocurrencies on their credit cards. It joined USA banking giants JPMorgan Chase & Co (JPM.N) and Citigroup (C.N) who announced similar bans on concerns the lenders could be held liable when the volatile currencies plunge in value.

Broader volatility further threatens the virtual asset class, as numerous "establishment" investors who helped buy the price up to peak levels are likely to be more inclined towards tangible stores of value.

First of all, much of the money floating around on the ether which ends up in Bitcoin-related transactions has been known to be dirty money.

Bitcoin and the rest of the cryptocurrency world seems to be plunging in value amidst a large amount of news and happenings in the market.

Bitcoin's continuous slide since January marks a big turnaround from its unprecedented high of $20,000 level that was achieved during December previous year.

The move comes amid fears that investors speculating on the volatile market could face huge losses.

"Whenever you see a government banning cryptocurrencies, a bank banning, I think in many ways, that's them pulling the handbrakes up to better understand how to interact this technology", he added.

The gains came amid a U.S. Senate hearing on virtual currencies in which J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC) and Jay Clayton, chairman at the Securities and Exchange Commission (SEC) testified. "This only applies to our credit cards and not our debit card".

According to CryptoCompare, "Ripple positions itself as a complement to, rather than a competitor with, Bitcoin - the site has a page dedicated to Ripple for bitcoiners".

Bitcoin and other cryptocurrency enjoyed enormous increases in value in 2017.

At the time of writing, Bitcoin was down a further 10.17% to 6,175.1, with Bitcoin having hit an intraday low $5,920.72 early in the session. This has however not changed in February as today Bitcoin went down by 20% to trade below the $7,000 mark.

All the major cryptocurrencies like bitcoin, ethereum, litecoin, and ripple price fell since the beginning of the new year.

Elsewhere in the world, such as South Korea, cryptocurrency is also raising concerns as it is being watched as a source of possible tax evasion.

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