Bitcoin dropped below $10,000 for the second time in 2018

After a big fall in the price of bitcoin in the morning, the cryptocurrency has managed to regain once again some ground. The price of bitcoin has managed to grow over $11,000, after it fell below $10,000. At the moment, the price of bitcoin is $11,072.

So, the fall and gain in the price of bitcoin happened on Tuesday. Initially, in the morning, the price of bitcoin on CoinDesk was $9,972. Soon after, it registered a 10% increase and the price of bitcoin grew to $11,000. For the moment, it is not clear what has caused this decrease and subsequent increase in the price of the digital currency.

Bitcoin dropped below $10,000 for the second time in 2018

Without a doubt, it appears that the volatility of the digital currency is growing, as in about one week the price of bitcoin has fallen below $10,000 on two separate occasions.

The price of bitcoin dropped below $10,000 for the first time in 2018 last week. At that time, it has been claimed that the price drop was mainly caused by concerns on the market linked to increased regulation in South Korea and China.

However, for this fall and rise in the price of bitcoin, there is no apparent reason for the moment. Furthermore, it is important to mention that the new drop was somehow not expected, as bitcoin managed to show some stability after the drop last week.

Some market analysts have claimed that the drop might have been caused by a new announcement from the South Korean Financial Services Commission that a plan for a ban on anonymous trading accounts will remain in place, meaning that the ban will enter effect on January 30. This announcement was made on Tuesday, as well, but the intention is not new.

South Korea's intentions to regulate the cryptocurrency market or ban some aspects of it have previously been linked to changes in the price of bitcoin. South Korea remains one of the biggest bitcoin markets.