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said sellers were given a prime opportunity to 'ruthlessly attack' Bitcoin during its recent strugg

Time:2018-02-13 04:19Underwear site information Click:

Falls continues Bitcoin bloodbath currency

Speculators around the world have dumped bitcoin as a leading central banker condemned it as no better than a Ponzi scheme.

The digital 12/254476.html">currency slumped as much as 15 per cent to lows of $7,500 yesterday – down from nearly $20,000 at its peak just before Christmas.

It tumbled even further today and lost around 22 per cent of its value. 

It hovered at a low of around $6,000 for much of Tuesday following the fall but had recovered to just under $7,000 by mid-afternoon.

Fall: Bitcoin slumped as much as 12 per cent to lows of $7,179 - down from nearly $20,000 at its peak just before Christmas

Fall: Bitcoin slumped as much as 12 per cent to lows of $7,179 - down from nearly $20,000 at its peak just before Christmas

Fall: Bitcoin slumped as much as 12 per cent to lows of $7,179 - down from nearly $20,000 at its peak just before Christmas

A senior official at the Bank for International Settlements – dubbed the central bank for central banks – warned a crackdown on bitcoin is overdue.  

General manger Agustin Carstens said: 'It has become a combination of a bubble, a Ponzi scheme and an environmental disaster. 

'The volatility of bitcoin renders it a poor means of payment.' 

Lloyds Bank and Virgin both banned their customers from buying the digital currency on credit cards on Monday. 

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The Chinese government has also upped its resistance to cryptocurrencies - suggesting it could prevent investors from accessing foreign virtual currency exchanges. 

Along with South Korea, China has already placed an outright ban on the likes of Bitcoin in the country. 

Carstens added its limitations were shown by the fact that one major conference on online currencies only accepted conventional money for registration payments because bitcoin is too costly and slow. 

 said sellers were given a prime opportunity to 'ruthlessly attack' Bitcoin during its recent struggle

 said sellers were given a prime opportunity to 'ruthlessly attack' Bitcoin during its recent struggle

He added: 'To the extent they are used, bitcoins and their cousins seem more attractive to those who want to make transactions in the black or illegal economy, rather than everyday transactions.

'The current fascination with these crypto-currencies seems to have more to do with a speculative mania than any use as a form of electronic payment, except for illegal activities,' Carstens said.

Despite concerns about digital money, some still see it as a way to make profits. Underwear tycoon Baroness Mone and her boyfriend Doug Barrowman today launch an investment company called Equi which allows punters to back start-ups using a bitcoin rival, ethereum.

Lukman Otunuga, a research analyst at FXTM, said sellers were given a prime opportunity to 'ruthlessly attack' Bitcoin during its recent struggle, but added its value could swing either way in the coming weeks.

'Bitcoin seems to be rapidly losing its resilience against the constant barrage of negativity with prices falling below $6,000 during Tuesday’s trading session,' he said. 

'Taking a look at the technical picture, Bitcoin is unquestionably bearish on the daily charts. 

'There have been consistently lower lows and lower highs while prices have crossed below the 200 Simple Moving Average. Sustained weakness below the $8000 resistance level may encourage a decline back towards $6000 and $5000, respectively. 

'Alternatively, a breakout above $8000 could encourage an incline back to $10,000,' Otunuga added. 

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