Bitcoin slides to below Dollars 10000

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The meteoric increase in prize drew countless first-time investors, all hoping to cash in on the cryptocurrency craze.

After the dramatic two days selloff, Bitcoin not only pared earlier losses, but the digital currency generated healthy gains in Thursday's trade.

South Korea said on Monday that its plans to ban virtual coin exchanges had not yet been finalized, as government agencies were still in talks to decide how to regulate the market.

With South Korea, Japan and China all making noises about a regulatory crackdown, and officials in France and the United States vowing to investigate cryptocurrencies, there are fears that authorities may launch some coordinated action in relation to the units.

Faced with market confusion and angry reactions from local investors, the South Korean government has talked down the idea, saying no decision has yet been made regarding a possible shutdown of the country's cryptocurrency markets.

Other reasons potentially contributing to the decline in value is China pushing harder on their crackdown of cryptocurencies.

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Traders are debating the significance of the volatility in cryptocurrencies and fast conditions are expected to continue.

Eran Eyal, chief executive officer of Shopin, a project that aims to be the decentralized Amazon of the virtual currency space, believes the efforts by governments will not affect bitcoin in a major way. Well, some say not so much.

Last week, the South Korean government said that it is considering measures to ban trading of cryptocurrencies, including bitcoin.

"You have to think of what the general trajectory is and the general trajectory is upward for cryptocurrencies and Bitcoin", he said.

Bitcoin prices plunged over $3,000 between on the morning of January 16, 2018, hitting the lowest-ever for the month at $10,500. Bitcoin dropped to a low water mark of almost 9,300 U.S Dollars but then saw a surge upwards which took it above 11,000. As of 12:13 p.m. ET, bitcoin was trading more than 13 percent lower at $11,759.73 a coin, according to CoinDesk. "This is not the end of bitcoin, and if you're smart, now is the time to get in". With markets this volatile, veteran investors have become resilient to these extreme drops in value, with people like John seeing it as an opportunity.

Criticism of the free-wheeling, half-a-trillion-dollar world of digital coins issued nearly daily by regulators from Russia, South Korea to the USA have put investors on the edge in the new year.