Bitcoin’s value dropped below 10,000 USD on Wednesday. Thus, the cost of the cryptocurrency fell twice after having reached its peak just a month ago.
At 15:00 UTC on Wednesday, bitcoin’s rate reached a psychological level of 9469.64 USD, which is 17% less than a previous value, according to CoinDesk. We would remind you that the cryptocurrency lost over 25% in price only on Tuesday.
Bitcoin hadn’t been dropping below 10,000 USD since 1 December last year, when it reached its record peak of 19,511 USD.
Other cryptocurrencies collapsed too. For example, Ethereum dropped 27% to 812.33 USD on Wednesday.
On Thursday, bitcoin started recovering, rising above 11,000 USD. This morning, the cryptocurrency was trading at 11,354. Other cryptocurrencies started to grow too.
Bitcoin’s capitalization grew to 190 billion USD. The total capitalization of cryptocurrencies increased to $550 billion.
The collapse of cryptocurrencies is linked to South Korea’s and China’s statements that crypto-trading should be restricted.
In South Korea, over 200 thousand advocates of bitcoin and other cryptocurrencies signed a petition to stop the government's pressure on the market.