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US stock market (US) is not alone experienced a sharp decline earlier this week. Bitcoin and other virtual currencies are also depressed.
The value of bitcoin fell 15 percent in a single day. In addition, other virtual currency ethereum slumped 20 percent. It is based on Coindesk. Earlier this week, other litecoin virtual currencies shrank 10 percent, and Ripple also slipped 10 percent.
The virtual currency is pressured to follow US or Wall Street stocks with the Dow Jones stock index down by more than 1,000 points on Monday. The decline of US stock exchanges occurred since last weekend. Dow Jones stock index fell 666 points on Friday last week.
Problems with digital currencies have occurred since December. US and US FBI stock authorities began cracking down on alleged fraud raising funds by a number of virtual currency companies and market players. The regulator also notices and warns investors about potential fraud.
University of Cambridge's virtual currency researcher, Garrick Hileman, said that a number of major banks are also attracting virtual currency that is not published by the government. A number of banks prohibit the purchase of virtual currency using credit cards such as Morgan Chase, Bank of America, and Citigroup.
A spate of bad news continues for the virtual currency. With a number of banks announcing a ban on purchasing virtual currency with credit cards, "he said as quoted from the CNN Money website, Tuesday (6/2/2018).
In Asia, virtual currency is so popular. China and South Korea are actively trading virtual currencies, and are now down.
The virtual currency began to fluctuate in early 2018 as fears of restrictions on virutal currencies, and rumors about a potential ban in India. Bitcoin is one of the best known and highly volatile currencies in 2017. The bitcoin price was almost US $ 20,000 before plunging in December.
Citing CNBC, bitcoin values fell to the lowest level in two months. The value of the virtual currency is touching the position of US $ 6,147.30, and the lowest since mid-November. Even now it is under the level of US $ 6,000 is in the range of US $ 5,995.
Hileman says, the dramatic rise in the last year also contributed to some pressure on virtual currencies such as ethereum.