Investors are looking to divest from Bitcoin after rumors appeared that authorities in South Korea and China were looking into potentially cracking down on the cryptocurrency industry. Bitcoin, currently the largest and most valuable cryptocurrency on the market, has seen a steep downfall of 30% since it surpassed a record value of $20,000 on 17th December.
According to Coinmarketcap, the market cap of Bitcoin had fallen by $52 billion since last Sunday. The sharp correction and decline in the currency’s value had already created concern among investors, however; the new rumors about China and South Korea further regulating on Bitcoin mining practices have led to more investors fleeing the currency.
The last few months have seen Bitcoin fall out of favor among investors, who are now investing in platforms like Ethereum and XRP due to there greater flexibility.
Earlier in the day, Warren Buffet said that Bitcoin’s future is dark, predicting the currency to lose more than 50% of its value.
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