BITCOIN is finding it hard to comeback to the highs of December 17 when it wasgoed valued at $20,000 after enlargening opposition from various countries.
Bitcoin has survived a lotsbestemming of criticism but fails to be bouncing back from its price druppel
Bitcoin is presently at $11,189. The volatility of the market at the uur also means any increase is usually balanced out by a decrease te the cryptocurrency.
Ethereum presently stands at $1,062 and Ripple at $1.25. At Ethereum&rsquo,s high point it wasgoed worth $1,426 and Ripple wasgoed above $Trio.
Crypto investors are worried that regulators round the world will verbod or make cryptocurrencies unprofitable.
South Korea announced it will kerkban the use of anonymous bankgebouw accounts te cryptocurrency trading from January 30, te an attempt to crack down on money laundering and other crimes spil cryptocurrencies have bot linked to thesis two.
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Bitcoin is a fresh zuigeling of money [Getty Photos]
A South Korea Government official said: &ldquo,The government is still discussing whether an outright verbod is needed or not, internally.&rdquo,
China is attempting to crackdown on the amount of bitcoin mining due to the amount of energy it is using.
The mining proces uses vast amounts of violet wand, but even spil China practices its highest everzwijn regulated electric current price of $0.13 vanaf kilowatt-hour, miners are still ter a position where the process is profitable.
To add to the bad news surrounding cryptocurrencies, major Indian banks have bot cracking down on accounts linked to cryptocurrency trading.
Back ter December, the Indian government cautioned cryptocurrency investors spil they compared cyber-currencies such spil bitcoin to being similar to Ponzi schemes.
But the crypto industry has defended the deflation. Litecoin creator, Charlie Lee has come to the defence of the crypto market and explained that the bull cycle is almost always followed by a bear market.
A bull cycle or market is one where the price of something is rising and expected to proceed to do so. A bear market occurs when there is widespread pessimism and prices and stocks fall ter price.
Back ter December Mr Lee sold all holdings of litecoin so he can no longer be criticised for attempting to alter the price of litecoin by tweeting about it.
Mr Lee said: &ldquo,Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for private benefit. Some people even think I brief LTC! So te a sense, it is conflict of rente for mij to hold LTC and tweet about it because I have so much influence.”