Bitcoin Continued the Descend amid Negative Sentiment

Bitcoin is barely hanging above the $10,000 mark as the sentiment remained negative on the cryptocurrencies.

Bitcoin plunges 12 percent earlier to $9,817 as the uncertainty around Bitcoin’s ability to improve transaction efficiency and reduce the transaction costs.  There was no significant driver behind today’s drop.  However, South Korea did confirm that the ban on the anonymous trading accounts had been implemented.

U.S. Treasury Secretary Steven Mnuchin said on Tuesday that the Treasury wants to make sure cryptocurrencies are not used by money launderers.  He also wants to make sure that consumers understand the issues around cryptocurrencies.

Bitcoin was seen as a new way to make fast and cheap payments online.  That concept has changed.  People are now interested in trading Bitcoin and other cryptocurrencies.

Stripe, Steam and Microsoft all announced their abandonment of bitcoin recently.  They have decided not to accept Bitcoin as a form of payment or provide such payment platform.

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