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100,000 in 2018, according to an analyst spend bitcoin denver forecast last year’s rise. Mr Van-Petersen also told CNBC on Tuesday that he believes other cryptocurrencies, like ethereum, could perform better than expected.

First off, you could argue we have had a proper correction in Bitcoin, it has had a 50 per cent pullback at one point, which is healthy,’ he told the network. But we have still not seen the full effect of the futures contracts. Although Bitcoin has been trading sideways this month, Mr Van-Petersen is confident that it won’t be long before the value skyrockets. I wouldn’t be surprised if it’s something we are seeing,’ he said.

It’s kind of building a foundation, then will re-rate a bit higher. A number of digital currencies tumbled after reports said China and South Korea could ban trading, intensifying gears of a wider regulatory crackdown. South Korea’s top financial policymaker said Tuesday that a crackdown on trading of crypto currencies was still possible. Finance Minister Kim Dong-yeon said banning trading in digital currencies was ‘a live option.

He said the decision was subject to a thorough government review. There are no disagreements over regulating speculation,’ such as using real-name accounts and levying taxes on crypto currency trading, Kim said in an interview with local radio station TBS. Shutting down digital currency exchanges is ‘a live option but government ministries need to very seriously review it,’ he said. Shuhei Fujise, chief analyst at Alt Design, said: ‘Cryptocurrencies could be capped in the current quarter ahead of G20 meeting in March, where policymakers could discuss tighter regulations. 7 percent in Asia, after a fall of 16. 3 percent on Tuesday – its biggest daily decline in four months. Bitcoin is what is referred to as a ‘crypto-currency.

It is the internet’s version of money – a unique piece of digital property that can be transferred from one person to another. Bitcoins are generated by using an open-source computer program to solve complex math problems. This process is known as mining. Each Bitcoin has it’s own unique fingerprint and is defined by a public address and a private key – or strings of numbers and letters that give each a specific identity.