According to CoinDesk's bitcoin price index, Bitcoin drops more than 7 percent Tuesday morning. Bitcoin plunged more than 30 percent in last week, briefly dropping under $10,000 to a low of $9,199.59 on CoinDesk, after the worries of increased regulation in South Korea and China.
image source: https://www.cnbc.com/2018/01/23/bitcoin-tumbles-below-10000-and-is-now-down-25-percent-on-the-year.html
Actual Reason of price drop
South Korean cryptocurrency exchange Korbit has barred non-citizens from putting local currency – the Korean won – on its platform. Korbit specified in a statement that its virtual account facility will be ended this month in order to present accounts attached to users' individualities, as lately ordered by local regulators in a move meant to calm speculation in the crypto markets, as well as money laundering. They will be only allowed to make withdrawals. As part of that change, foreign residents will no longer be able to credit funds into their accounts.
The Trend
Isn't the fiat market not the same? As long as there is transaction, there will be manipulation. Everything which has value is hypothetical. There is nothing such as real value. Furthermore, this price is not completely unexpected, if you see the trend, January is typically the low point for cryptocurrencies.
Bitcoin remains honestly complex for the typical user to obtain and use in systematic transactions. Rising attention and important global funds in Bitcoin wallet and Blockchain technology have however made buying and selling Bitcoin far more accessible to the average user. And indeed, growing acceptance by government units have perfected the vagueness of legal and regulatory status for Bitcoin and Bitcoin exchanges.
