The bitcoin price slide that began this morning has continued, with markets falling to their lowest level since early December.
Bitcoin prices hit a low of $752.11 – $0.05 beneath the low reported on 2nd December, according to data from the CoinDesk Bitcoin Price Index (BPI). The figure represents a roughly 42% drop from the market high of $1,153.02 reported on 5th January.
Today saw prices drop below the $800 mark for the first time since 21st December as price volatility shows no sign of abating. Markets are reporting an average price of $768.05, BPI data shows, a drop of more than 15% from the day’s $904.79 opening price. At the time of report, bitcoin was trading at $771.39.
CNY-denominated markets are down more than 12% for the day, hitting a low of ¥5,010.05. The current average price is ¥5,176.66, according to the BPI.
Some market observers cited ongoing regulatory developments out of China as a key driver behind the recent moves, including Petar Zivkovski, COO of leveraged bitcoin trading platform Whaleclub. It has been revealed in recent days that regulators in China, including officials from the country’s central bank, have met with representatives from domestic bitcoin exchanges and is moving to monitor the industry more closely.
According to Zivkovski, some market stakeholders aren’t taking the news well.
He told CoinDesk:
“There’s a lot of panic in the market right now due to the Chinese news. Many people are still long from prices high up and will be looking to get out at the sign of a bounce, which may put additional sell pressure on the market.”
Tim Enneking, chairman of cryptocurrency investment manager EAM, said that future drops could occur.
“I’d expect the price to drop further before it stabilizes,” he said.
Images via Shutterstock, BPI
TheBitcoinNews.com – Bitcoin News source since 2012
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored or guest posts, articles and PRs are NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise