Bitcoin was trading near $10,000 Wednesday after a 23% plunge Tuesday that sent the price below the key psychological mark for the first time since December, as other cryptocurrencies like Ethereum, Ripple, Litecoin tumbled.
X Bitcoin was down 12% early to $10,016, and Ethereum tumbled 16% to $833.10, according to CoinDesk. Ripple was down 25% vs. 24 hours ago at $1.05, and Litecoin was down 19% at $164.52, according to CoinMarketCap.
Late Tuesday, BitConnect announced that it will shutter its lending services and exchange platform but the website will still operate for news and educational purposes.
BitConnect reportedly received cease-and-desist letters from regulators in Texas and North Carolina for the unauthorized sale of securities. It also was the victim of denial-of-service attacks.
Bitcoin-related stocks were mixed on the stock market today. Marathon Patent Group (MARA) was up 3.6%, Bitcoin Investment Trust (GBTC) tumbled 8%, Riot Blockchain (RIOT) and Overstock.com (OSTK) edged up 0.1%.
IBD’S TAKE:Bitcoin’s meteoric rise has done more than make some daredevil investors rich overnight. It’s also put blockchain – the software technology enabling Bitcoin and other cryptocurrencies — on a trajectory of its own.
Regulators elsewhere are also taking a harder stance. On Tuesday South Korea’s finance minister said that banning trading in digital currencies was “a live option” and China’s central bank is reportedly pushing to ban cryptocurrencies.
Officials in Denmark, Japan and Singapore have already issued warnings about trading Bitcoin and other cryptocurrencies.
This article was curated from Google News. You can read the original article here.