Bitcoin drops below $10,000 amid regulator crackdown concerns

Hit a floor of $9,186

Bitcoin continued its decline on Wednesday falling below $10,000 for the first time since 30 November 2017, on concerns global regulators will further increase their clampdown on the market.

South Korea, which is the third largest trader of Bitcoin, has signalled plans to close cryptocurrency exchanges completely while Chinese regulators want to extend restrictions on over-the-counter and peer-to-peer platforms, according to Bloomberg. The cryptocurrency dropped to a low of $9,186, a 50% decline over the past month, however it rebounded $2,000 to trade at $11,141 by close of play. According to the Financial Times, the two derivatives markets that trade in Bitcoin futures witnessed record Bitcoin trading with approximately $325m Bitcoin futures contracts or 30,000 Bitcoins...