Images via Shutterstock, BPI
"I'd expect the price to drop further before it stabilizes," he said.
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.
According to Zivkovski, some market stakeholders aren't taking the news well.
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.
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.
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.
Tim Enneking, chairman of cryptocurrency investment manager EAM, said that future drops could occur.
"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."
The bitcoin price slide that began this morning has continued, with markets falling to their lowest level since early December.
He told CoinDesk:
Ethereum Price Weekly Analysis – ETH/USD Breaks Imp Resistance
Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD broke a key resistance for further gains above $347. This past week was mostly bullish for ETH price as it moved above
Square Cash App Launches Bitcoin Trading Functions
Some users of the Square Cash app were surprised this morning to discover that they could now buy and sell Bitcoin using the platform. For those unfamiliar with it, the app can be used to send
Golix Exchange: Bitcoin Price Double in Zimbabwe
Cryptocurrency seems to thrive in times of instability. Thatâs certainly the case right now in Zimbabwe. The price of a single Bitcoin surged to an unprecedented $13,500 on the countryâs only
Thomas Peterffy on CME Futures: “A Catastrophe in the Cryptocurrency Market… will destabilize the real economy.”
Chairman of Interactive Brokers, Thomas Peterffy, has voiced concerns about the plan to launch a Bitcoin Futures contract. According to their CEO, Terry Duffy, the CME Group intends to offer the
Bitcoin Price Technical Analysis for 11/16/2017 – Bulls Back on their Feet?
Bitcoin Price Key Highlights Bitcoin price appears to be reviving its uptrend on the 1-hour time frame, but there are still signs that bears could win out. Technical Indicators Signals The
Bitcoin Cash Price Technical Analysis – BCH/USD Grinding Lower
Bitcoin cash price is slowly moving down toward $1100 against the US Dollar. BCH/USD is facing two important resistances near $1200 and $1300. There is a slow and steady decline forming from the $1
Ethereum Price Technical Analysis – ETH/USD Testing Key Support
Ethereum price is correcting lower against the US Dollar and Bitcoin. ETH/USD has to maintain bid tone above $326 to gain upside momentum. There was a new minor high formed at $337.29 in ETH price
ALT COIN IOTA RALLY. GAINS $0.18
IOTA rally was perhaps November 15 highlight. Price action gained $0.18 by the end of the day. NEM, Monero, NEO and DASH were whipsawing with bull and bear pressure cancelling each other out. Letâ