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Weekly Comic: It’s Been a Rough Week for Cryptocurrencies

Published 01/11/2018, 08:22 AM
Updated 01/11/2018, 08:22 AM

Investing.com - Major cryptocurrencies including Bitcoin, Ethereum and Ripple came under intense selling pressure Thursday, following reports that South Korea could be preparing to ban all cryptocurrency trading.

At 8:10AM ET (1310GMT), Bitcoin was down nearly 2% at $13,559, having tapped an overnight low of $12,845.71. Ethereum slid 9% to $1,203.00, while Ripple stumbled 10% to $1.7337.

The crypto market was rattled by reports saying that South Korea’s Justice Ministry is "basically preparing a bill to ban cryptocurrency trading through exchanges" and that the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion.

That followed comments made by billionaire investor Warren Buffett who said Wednesday that the recent craze over Bitcoin and other cryptocurrencies won't end well.

"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," the chairman and CEO of Berkshire Hathaway (NYSE:BRKa) said.

Buffett's right-hand man, Charlie Munger, also blasted frothiness in bitcoin, calling it a bubble.

The question on everybody's mind is if and when the bubble will finally pop.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Latest comments

What is comic is the stock market returns, on average 10-20% per year for a good investor, in comparison with the 5000% returns for any crypto crazy coin... its good to see some regular folks making money, i hope this crypto anomaly stay for long and make many innovators rich so they can develop new technologies to free us from the yoke of big industries and financial monopolies.
Buffett also said he wouldn't short Bitcoin and he knew nothing about it. So ya, take the other part of his quote with a grain of salt.
When the little guy starts making money, Government always steps in to stop it.
Little guys been making money, it's the institutions that are behind. You don't have a clue.
very true. the government is eating from the bank, and will do everything for the bank because the banks are threatened and now running losses on turn-overs.
The government gets kickbacks from Banks, that makes the government a lapdog which fights banks battles. The banks are feeling a pinch now that people use visual wallets this days for everything. No more exuberant charges and financial freedom is on our horizon which will take down the bonds and loans.
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