MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

Bitcoin is seeing its lowest performance so far since 2013

Bitcoin is seeing its lowest performance so far since 2013

Bitcoin, the decentralized digital currency, fell more than 15 percent on Monday to a nearly three-month low as major British and US banks including Bank of America, J.P. Morgan, Citigroup, Capital One, Discover, and Lloyds plan to put a restriction on the usage of credit cards to buy Bitcoins.

Bitcoin fell to roughly $6,853.53 on the Luxembourg-based Bitstamp exchange, in the afternoon trading in New York marking a fall of more than half from a peak of almost $20,000 hit in December. After falling in six of the eight trading sessions, Bitcoin has lost about half of its value so far due to the regulatory crackdown by governments and banks. Last week Bitcoin suffered its worst weekly performance since 2013. “We envisage this decline will continue, setting the next technical level at $5,000 a coin”, said Miles Eakers, chief market analyst at Centtrip, which specializes in foreign exchange, worldwide payments and treasury management.

Other cryptocurrencies like Ethereum and Ripple too are seeing huge declines on Monday, according to industry tracker Coinmarketcap.com. Ethereum declined by nearly 19 percent at $703.40, while Ripple last traded at 71 cents, down 14.1 percent. Craig Erlam, analyst at currency broker Oanda, said, “Cryptocurrencies have seriously fallen out of favour since the middle of December, and constant negative news flow and speculation of increased regulation has exacerbated the move lower.

After the news of hacks and scams, investors should remain cautious about investing in cryptocurrencies according to the remarks by SEC Chairman, Jay Clayton.

YOU MAY ALSO LIKE

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

Business Travelers to Stay at Singapore’s Changi Airport Bubble

Singapore’s open economy depends heavily on tourism and business. But its vibrant but small economy has been hurting as the circumstances due to...

Countries in Asia-Pacific are marching towards ‘green recovery’ amidst Covid-19 crisis

2020 has been an unforgettable year for many of us. The ongoing Covid crisis has reminded people that it is very important to have an uninterrupted an...

Department of Telecommunication to announce the new schedule for 5G trials

Department of Telecommunications (DoT) is all set to announce the new schedule for 5G trials. The Dot made this decision after being pulled by the par...

RECOMMENDED