GETTY Bitcoin investors will not be shaken by the recent bad news

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The pace of bitcoin's rise may be slowed by worries about a crackdown by global regulators on cryptocurrency trading but should not threaten its existence, investors and market participants at a cryptocurrency conference said. At the North American bitcoin conference in Miami, crypto enthusiasts made their opinion clear that government actions towards cryptocurrencies has not hindered their interest and activity in cryptocurrencies. Francesco Nazari Fusetti, co-founder and chief executive officer of Aidcoin, which allows individuals to track their donations thanks to blockchain technology said: “It’s impossible to ban bitcoin and cryptocurrency trading because the more you regulate, the more it will become popular. Mr Fusetti believes that once people become more knowledgable on the subject the fear surrounding cryptocurrencies will diminish.

Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip

He said: “The recent drop in prices and uncertainty in the current market is heavily influenced by a mix of an unfavourable news cycle and speculation fuelled by the media.” Bitcoin soared more than 1,700 percent last year, hitting a record high just shy of $20,000 as institutional and retail investors snapped up the virtual currency on expectations of further steep increases. Its astronomical gains though have attracted the attention of global regulators tasked with protecting investors from fraud. But in recent weeks China and South Korea have announced clampdowns on the cryptocurrencies. China is trying to curb bitcoin mining as it is using up too much electricity. Japan has also made noises about a regulatory crackdown. In addition, the US Treasury's Financial Crimes Enforcement Network (FinCEN) is "aggressively" pursuing virtual currency platforms that lack strong internal safeguards against money laundering.

South Korean is also toying with the idea of shutting down cryptocurrency trading. South Korea’s chief of the Financial Services Commission said: “The government is considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law.” Bitcoin did plunge to below $10,000 on Wednesday on the Luxembourg-based exchange Bitstamp after the South Korean news. On Thursday, bitcoin recovered to trade at $11,718 , up 4.6 percent on the day.