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在线翻译:
szdaily -> World Economy
Bitcoin jolted by fears over crackdowns
    2018-January-18  08:53    Shenzhen Daily

BITCOIN extended its sharp tumble of the past 24 hours, skidding more than 7 percent yesterday in a rapid downturn in fortunes as investors were spooked by fears regulators might clamp down on an asset whose value has skyrocketed in the past year.

The price of the world’s biggest and best known cryptocurrency fell to as low as US$10,567 on the Luxembourg-based Bitstamp exchange, not far from its six-week nadir of US$10,162 touched the previous day. The session’s high was US$11,794.07.

It led the fall in cryptocurrencies, although others such as Ethereum and Ripple, have also slid sharply this week after reports South Korea and China could ban trading, sparking worries of a wider regulatory crackdown.

At its lows Tuesday, bitcoin had fallen 25 percent in the session, its biggest daily decline in four months. It was a far cry from its peak close to US$20,000 in December, when the virtual currency had risen nearly 2000 percent over the year.

Tuesday’s decline followed reports that South Korea’s finance minister had said banning trading in cryptocurrencies was still an option and that the government plans a set of measures to clamp down on the “irrational” cryptocurrency investment craze.

Separately, a senior Chinese central banker said authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services.

“Bitcoin is deciding whether this is the moment to crash and burn,” said Steven Englander, head of strategy at New York-based Rafiki Capital.

“My conjecture is that cryptocurrency holders are trying to decide whether to abandon bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them.”

Bitcoin futures maturing yesterday on the Cboe Global Markets Inc.’s Cboe Futures Exchange were at US$10,740, with 1,586 contracts traded, after having opened at US$10,850. The open interest was 2,895 contracts. The Cboe 14 March 2018 contract was quoted at US$11,130.

The futures are cash-settled contracts based on the auction price of bitcoin in U.S. dollars on the Gemini Exchange, which is owned and operated by virtual currency entrepreneurs Cameron and Tyler Winklevoss.

The MVIS CryptoCompare Ripple Index, which covers the performance of a digital assets portfolio which invests in Ripple (XRP), a cryptocurrency developed by Ripple Labs, dropped 15 percent to US$7,298 yesterday.

(SD-Agencies)

 

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