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:
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