By Steve Dellar  |  01-09-2018   News
Photo credit: Jan Lievens | Dreamstime.com

Troubling times continue for the global cryptocurrency market. After a day-crash yesterday which sent certain cryptos such as Litecoin, Bitcoin Cash and Ethereum down 20% at a certain point, users have now also found out that the world’s largest technology company, Microsoft, no longer accepts payment for any of its products in Bitcoin, citing it as an ‘unstable form of payment.’

Even though Bitcoin’s price has always fluctuated, it has never swung like it did in the past three months, when it went up from $5,000 to almost $20,000, only to go back down to $12,000 again.

In order to be widely adopted by the financial sector, a digital or fiat currency must be stable in order to be useful, something that Bitcoin is definitely not.

Furthermore, the news comes as the same time when cryptos are going to a very tough crisis with investors reacting harshly to the news that certain exchange websites decided to exclude South Korean price calculations into their offerings, and thus resetting their boards to show a lot of fluctuation, greatly to the anger of internet users.

Coinmarket wrote:“This morning we excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity.”

“We are working on better tools to provide users with the averages that are most relevant to them.”

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">This morning we excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity. We are working on better tools to provide users with the averages that are most relevant to them.</p>&mdash; CoinMarketCap (@CoinMarketCap) <a href="https://twitter.com/CoinMarketCap/status/950427463804481536?ref_src=twsrc%5Etfw">January 8, 2018</a></blockquote>

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The news of a possible regulatory overhaul by Chinese and South Korean authorities caused many investors to panic sell, meaning some cryptos saw losses go off the cliff.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Bears really trying to destroy <a href="https://twitter.com/search?q=%24xrp&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$xrp</a> , so many haters it&#39;s great. Can&#39;t wait for the BTC collapse after China pulls the plug on all the mining.</p>&mdash; joe (@JoeySparkz17) <a href="https://twitter.com/JoeySparkz17/status/950725885841338369?ref_src=twsrc%5Etfw">January 9, 2018</a></blockquote>

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At the time of writing, Bitcoin was trading at $14,200.

Source:

http://www.trustnodes.com/2018/01/08/microsoft-stops-accepting-bitcoin

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