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Cryptocurrencies In Red As Bitcoin Plummets Below $10,000 Mark

Published 23/02/2018, 05:43 pm
Updated 23/02/2018, 05:47 pm
© Reuters.  Cryptocurrencies continued yesterday’s downward slide

© Reuters. Cryptocurrencies continued yesterday’s downward slide

Investing.com – Cryptocurrencies continued yesterday’s downward slide and traded in the red on Friday, with Bitcoin plunged below the $10,000 mark after rallied to close to $12,000 last week.

Bitcoin was trading at $9,757.1 by 1:15pm ET on the Bitfinex exchange, plunged 9.65% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, was down 4.34% at $824.62 on the Bitfinex exchange.

Ripple’s XRP token dived 9.32% to $0.89708 on the Poloniex exchange.

Meanwhile, Litecoin also plunged 12.78% to $190.21.

Governments in Europe were reporedly preparing a set of regulatory measures on crypto this week. German’s Federal Financial Supervisory Authority (BaFin) was planning a “case-by-case examination” of ICO tokens, while France’s Autorite des Marches Financiers, the country’s top financial watchdog, has announced all cash-settled cryptocurrency contracts are subject to the country’s strict derivatives laws as well as an advertising ban.

It was reported yesterday that the UK Treasury Committee was launching an inquiry into cryptocurrencies to investigate whether the technology behind Bitcoin poses a risk to central banking.

Elsewhere, The Korea Accounting Institute said yesterday that it was considering whether to classify cryptocurrencies into liquid assets or non-current assets in financial statements.

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