Bitcoin crashes over 10 per cent on Bitstamp
Bitcoin
South Korea recently banned its banks from dealing in Bitcoin transactions
Bitcoin value crashed by over 10% on Wednesday to touch $15,800 at a cryptocurrency exchange Bitstamp.
"It has since pared some of the losses and is down about 7 per cent in early trade," noted a Reuters report.
The recent Bitcoin surge overwhelmed investors and financial experts all across the world as the digital currency touched an all-time high soaring at about $19,666 on Sunday, its value has been sliding ever since.
With fin-tech on the rise around the world, there is an increasing focus on cryptocurrencies, such as Bitcoin. But how do these currencies operate and how are they managed? (WION)
Meanwhile, in India, the IT department has been clamping down on Bitcoin trading, it recently announced to issue notices to 4 to 5 lakh high net-worth individuals (HNI) across the country trading in Bitcoin.
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South Korea recently banned its banks from dealing in Bitcoin transactions, the country accounts for nearly 20% of global Bitcoin transactions.
(With inputs from Reuters)