Bitcoin (available on Coinbase) has extended the selloff in Tuesday’s trade after a sharp decline in the earlier session, amid concerns over the future of digital currencies after the new regulations from the Chinese government. The price of Bitcoin (available on Coinbase) has dropped sharply in the early trading session on Tuesday. However, its price gains some momentum in the afternoon session and currently trading just below the $15,000 mark.

Although Bitcoin (available on Coinbase) declined in the last two trading session, it is still showing sTron (available on Binance)g improvement compared to the level it has seen two weeks ago. Its price declined 4% in the last thirty days, but the price is up 1,545% in the last twelve months.

Bitcoin (available on Coinbase) has touched the highest level of $19,850 in mid-December but declined sharply in the next few days to the level of $12,000.

Bitcoin (available on Coinbase) has made big swings in the last couple of weeks on the back of mixed reports. The latest volatility in Bitcoin (available on Coinbase) prices was the result of strict policies from the Chinese government. According to Reuters and Bloomberg, China seeks to reduce electricity supply to Bitcoin (available on Coinbase) miners. China, which is a home for several miners, decided to impose hard regulations on Bitcoin (available on Coinbase) and other miners through, taxation, electricity pricing environmental regulations and property laws.

Moreover, comments from JP Morgan (NYSE:JPM) analysts have also impacted Bitcoin (available on Coinbase) prices and traders sentiments. JPMorgan Chase CEO, Jamie Dimon, said Bitcoin (available on Coinbase) was a ‘fraud’.

Furthermore, the decline in Bitcoin (available on Coinbase)’s price over the last two sessions was also supported by CoinMarketCap, which lists cryptocurrencies prices and valuations. The CoinMarketCap has removed data from South Korean exchanges, as the site has witnessed discrepancies from global prices at exchanges in South Korea.

Several analysts and market pundits are showing their concerns over the sudden rise in Bitcoin (available on Coinbase) value and they expect this bubble to burst anytime in the days to come. On the other hand, the SEC has suggested investors to “exercise caution” and be wary of scammers.  Nevertheless, some investors have a positive view of the future fundamentals of Bitcoin (available on Coinbase). For instance, Eric Lonergan, a macro fund manager at M&G, said big banks will jump on the Bitcoin (available on Coinbase) bandwagon and adopt digital currencies like Ripple (available on Binance) and Ethereum (available on Coinbase).

Featured Image: twitter