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:
Bitcoin Price Move Past $6.5K Would Boost Upside Potential
Against expectations, bitcoin (BTC) defended support at $6,000 over the weekend, opening the doors for a stronger corrective rally above $6,480.
Friday's drop below $6,240 (bear flag breakdown) had
XRP Cryptocurrency Now Down 90% From 2018 Price High
XRP, the world's third-largest cryptocurrency by market capitalization, fell to its lowest price of 2018 on Tuesday.
At 00:01 UTC, just after Monday's close, the cryptocurrency dropped to $0.27 cen
Bitcoin's Price Falls Below $6K to Near 2018 Low
The price of bitcoin fell below $6,000 on Tuesday, a move that brought the world's largest cryptocurrency within 2 percent of its 2018 low.
At press time, bitcoin is trading hands at $5,922, print
Korea's Jeju Island Seeks to Become ICO Hub Despite Domestic Ban
South Korea's Jeju island is seeking to become a free zone for initial coin offerings (ICOs) – a plan that, if approved, would allow crypto projects to conduct token sales in the self-governing provin
Square Expands Cash App Bitcoin Service to All 50 US States
Mobile payments firm Square now lets customers buy and sell bitcoins via its Cash App in all 50 U.S. states.
The company – which was co-founded by Twitter chief executive Jack Dorsey – announced th
Jamaica Stock Exchange to Trade Crypto Assets in 2018
The Jamaica Stock Exchange (JSE) will soon be offering cryptocurrencies as tradeable assets for clients.
The company said Tuesday that it had signed a memorandum of understanding (MoU) with blockch
Fantasy Football League to Raise $100 Million in Crypto ICO
A blockchain startup wants to raise nearly $100 million dollars to create a new form of fantasy football.
Called the Crown League, the project's owner told CoinDesk on Tuesday that it seeks to form
Goldman Sachs, JPMorgan Invest in Axoni's $32 Million Funding Round
Enterprise-focused blockchain startup Axoni has completed a $32 million Series B funding round led by Goldman Sachs and Nyca Partners.
Also participating in the round were Andreessen Horowitz, Citi