Bitcoin continued its decline on Wednesday falling below $10,000 for the first time since 30 November 2017, on concerns global regulators will further increase their clampdown on the market.
South Korea, which is the third largest trader of Bitcoin, has signalled plans to close cryptocurrency exchanges completely while Chinese regulators want to extend restrictions on over-the-counter and peer-to-peer platforms, according to Bloomberg. The cryptocurrency dropped to a low of $9,186, a 50% decline over the past month, however it rebounded $2,000 to trade at $11,141 by close of play. According to the Financial Times, the two derivatives markets that trade in Bitcoin futures witnessed record Bitcoin trading with approximately $325m Bitcoin futures contracts or 30,000 Bitcoins...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
