Crypto Update: Bitcoin Price Down $3000 in Two Days as South Korean Regulation Worries Drive Majors Lower
The largest coins all turned South today in Asian trading following the news that the South Korean authorities aim to curb speculation in the segment, targeting anonymous traders and unregulated exchanges.
Daily performance of BTC, ETH, XRP, LTC, BCH, and Dash today, 5-minute comparison Chart
Bitcoin fell below the $14,000 level hitting $13,500 for an intraday low so far (Bitstamp prices), and Bitcoin Cash is trading below $2500, almost 40% off its recent break-out high. Altcoins are also sharply lower, as Ethereum breached $700, while Litecoin tumbled under $250 in early trading, continuing the broad correction that started last week, and Dash is flirting with the $1000 level after trading at $1200 yesterday.
Ripple, which hit a new all-time high yesterday towards the end of the session, also fell more than 10% off its highs, still continuing the extended period of relative strength. The coin is down by more than 4% today, but with losses of around 10% in the price of Bitcoin and Bitcoin Cash, XRP continues to gain ground on the other majors. Ethereum is also among the stronger coins while Dash and Litecoin are lagging their altcoin peers today.
XRP/USDT, 4-Hour Chart Analysis
Bitcoin Still Showing Signs of Weakness
Trading volumes increased across the board as more and more investors returned from the Christmas break, but volatility is still well below the levels seen on Friday and Saturday. BTC continues to lead the market on the downswings, as high fees, competition from Bitcoin Cash, and a still overbought long-term technical setup are weighing on the most valuable digital currency.
BTC/USD, 4-Hour Chart Analysis
We expect a further increase in trading activity later today, and an increase in volatility wouldn’t be a surprise either, as the charts suggest a continuation of the correction.
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Disclaimer: The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.