Bitcoin’s Big Plunge: A Wild 2018 Rewind
Just a day after breaking a four‑week low, Bitcoin slid even harder, stoked by chatter that China and South Korea might slap a “full stop” on crypto trading.
What Happened?
- Bitstamp shocker: The Luxembourg‑based exchange saw Bitcoin dip to $10,567, a steep fall from its December peak of $20,000.
- South Korea’s flirt with a ban: Finance Minister Kim Dong‑yeon floated banning digital‑currency trading as a “live option.” He still wants real‑name accounts and taxes, but says the government must seriously review shutting down exchanges.
- China cranks up the clampdown: Authorities plan to block domestic access to both Chinese and offshore crypto platforms that allow centralized trading. They’ve already banned ICOs and capped Bitcoin mining.
- Central bank’s spicy line: Reuters reported that Beijing’s central bank wants to ban centralized trading of virtual currencies outright.
- Celebrity skeptic: Former Wells Fargo boss Dick Kovacevich tossed out a headline‑style comment—“Bitcoin is a scam, a pyramid scheme. It makes no sense. I’m just surprised it’s not even lower.”
Why The Fears Matter
When giants like China and South Korea weigh in, the crypto world feels like a game of chess—pins are being placed, and bulls (tigers and bears alike) start lining up for the next move.
What To Watch
- Bitcoin price sticking around the $10k‑$12k band.
- Any new regulations from Chinese finance ministries.
- South Korean policy updates on real‑name accounts and tax hampers.
- Crypto exchanges’ reaction—will they pivot or pivot and pivot?
In short, the crypto universe is taking another stomach‑turning detour. Keep your eyes on the numbers, and your jokes on standby—because when markets dip, humor helps keep you grounded.
