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Biting Bitcoin: Rs 1 lakh invested in Bitcoin a month ago is now worth Rs 62,000
If you had purchased Bitcoin with an intention to invest exactly a month ago, expecting that it will reap you hefty returns, it was perhaps not a very good bet
In the last one month, Bitcoin has shed over USD 7,300 (Rs 4.67 lakh) in its valuation. According to
, the cryptocurrency closed at USD 19475.80 on December 17 and at the time of reporting was trading at USD 12,120.
The massive drop in its valuation is a result of multiple steps taken by governments across the world to clamp down on the cryptocurrency.
mulling over cutting the supply of subsidised electricity to Bitcoin miners
. This, if realised, could be a massive blow to Bitcoin movement as over two-thirds of the mining power for the currency is stationed in China.
recently raided major cryptocurrency exchanges in the country
. It is also considering to ban Bitcoin in the country.
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that Finance Minister Kim Dong-yeon had told a local radio station that the government would be coming up with a set of measures to clamp down on the "irrational" cryptocurrency investment craze.
South Korea had said on Monday that its plans to ban virtual coin exchanges had not yet been finalised, as government agencies were still in talks to decide how to regulate the market.
Riding on these negative reports, Bitcoin has seen a drop of about 38 percent in a month.
"It's mainly been regulatory issues which are haunting the cryptocurrency, with news around South Korea's further crackdown on trading the driver today, who holds what he described as "substantial" amounts of Bitcoin Rupee Coin Mining Calculator , who holds what he described as "substantial" amounts of Bitcoin, Ethereum and Ripple.
"But we maintain our stance. We do not think that the complete banning of cryptocurrencies is possible," he said.
On Tuesday itself, the cryptocurrency tumbled over 13 percent from previous day’s valuation at the time of reporting.
The bearish trend was so strong on Tuesday that 99 out of top 100 cryptocurrencies (based on market cap) were trading in red with some of them slipping as high as 40 percent in the day’s trade.
Ether was down by 16 percent, Ripple by 23 percent, Bitcoin Cash by 22 percent, Litecoin by 14 percent at the time of reporting.
Rupee Coin Mining Calculator , which was up by mere 1 percent.
The cryptocurrency market has lost over USD 130 billion in market cap in the last 24 hours.
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