Bitcoin drops below $10,000 and Ethereum plunges too

Bitcoin sunk below $10,000 last Tuesday afternoon on Coinbase, after topping the psychologically key level in November.

Some other cryptocurrencies followed. Ethereum fell 30 percent, to under $1,000, while Ripple decreased below $1. Almost every major digital currency experienced substantial losses throughout the day.

Late Tuesday night, Ethereum sold a little above $1,000. That showed a slight increase after hitting a low of $854 earlier in the day. Later in the night, Ethereum once again fell below $1,000, valuing at $973.

The decrease came after comments from South Korean authorities that reported some increased regulation on cryptocurrency trading. That being said, there was no immediate cause to the overall digital currency drop.  

Ethereum 24-hour performance

Source: Coinbase

Bitcoin fell by 28% to the low of $9,969 on Coinbase, but returned to trade above $11,000 by 8 p.m. A few hours later, Bitcoin’s price fell again to $10,757.

The value of Bitcoin has dropped almost 50% after rising to $19,800 in December. Still, Coinbase states that the cryptocurrency maintains more than 1,100% higher over the last year.

Bitcoin 1-hour performance

Coinbase

Ripple, the third-largest cryptocurrency, sold near $1.05 after dropping near 50% to 90 cents. Last week, the site began to exclude the prices from South Korean trades, where Ripple sells about 20 cents higher.

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