Bitcoin price drops below $35,000, nearly 50% of its value last November

 Bitcoin price drops below $35,000, nearly 50% of its value last November

Major economies are looking to curb the rising popularity of cryptocurrencies, and Bitcoin has lost nearly half of its value since its November peak.

What's more it's not only Bitcoin, as cryptocurrencies overall have had a dreary beginning to the year. Bitcoin has fallen more than 8% in the last two days, and was exchanging on less than $35,500 as , According to CoinDesk website. The world's most significant cryptocurrency has plunged more than 20% since the start of the year. In November it was exchanging at a record high of $68,990.

Its companions have fared more awful. Ethereum, the world's second most significant cryptocurency, has fallen over 12% over the last two days, and was exchanging at around $2,400 starting at early in the day Saturday, According to CoinDesk website. That is a practically 30% drop since the beginning of the new year.

Investors are getting  panic with regards to cryptocurrencies and other other riskier assets since the time the US Federal Reserve flagged it might loosen up financial boost more forcefully than anticipated.

Legislatures are getting serious also. On Thursday, Reuters announced that Russia's national bank has proposed a restriction on crypto use and mining. Russia is one of the greatest crypto-mining countries on the planet, yet its national bank said that computerized monetary standards can represent a danger to the country's monetary steadiness.

The Russian proposition comes only a couple of months after China sent off a full-scale clampdown on cryptographic money, prohibiting both exchanging and mining.

Different nations are considering banning cryptocurrency. In November, India said it was getting ready to present a bill that would control cryptocurrencies , albeit a lot is at this point unclear with regards to that proposition. Recently, India's state head Narendra Modi said that worldwide participation is expected to handle issues presented by crytocurrencies.

In any case, not all investors are pessimistic. Some of them believe that the price of Bitcoin could reach more than $100,000 within the next five years. In previous reports, global analysts predicted strong gains for the Bitcoin currency in the future, as it will regain its position in the market increasingly compared to gold.