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Bitcoin Bubble Popping?

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  • Bitcoin nears $10,000, down 10%, and ethereum breaks $1,000 to trade 15% lower
  • Russian President Vladimir Putin is proposing tighter regulation of the cryptocurrency space.

LONDON — Global cryptocurrency markets entered the second day of a sell-off on Wednesday, with major coins registering double digit percentage falls.

Bitcoin is down 10% to $10,186 while ethereum plunged 15% to $903, at 10:35 a.m. GMT (5:35 a.m. ET), according to data on Markets Insider.

All of the major cryptocurrencies suffered double-digit falls on Tuesday in what commentators described as a cryptocurrency “bloodbath.” The selloff was thought to be triggered by concerns about regulation in the Asian market.

Ripple, the third biggest cryptocurrency, is down almost 12% while Bitcoin Cash, the fourth biggest cryptocurrency, fell 10%.

You can follow all the like cryptocurrency price movements on Markets Insider.

The continued slump comes amid reports that Russia could be about to impose stricter regulations on the sector. Russian news service TASS reported last week that Putin said “legislative regulation will be definitely required in future” for cryptocurrencies.

“It is known that the cryptocurrency is not backed by anything. It cannot be a store of value. No material valuables are behind it and it is not secured by anything. It can be a settlement medium to a certain degree and in certain situations. This is done quickly and efficiently,” Putin said, according to TASS. He compared cryptocurrencies to shared equity construction schemes. Putin’s comments were picked up by widely read cryptocurrency news website CoinDesk on Wednesday.

This article was curated from Google News. You can read the original article here.

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