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:
The Code for Ethereum's Consensus Change Is Now Ready for Review
New code written to change the way the ethereum network reaches consensus is now ready for review, developers said Friday.
Ethereum improvement proposal (EIP) 1011, known as Hybrid Casper FFG (shor
$10K Test? Bitcoin Price Hits 4-Week High As Altcoins Shine
Bitcoin hit four-week highs in Asian hours but continues to underperform when compared to alternative cryptocurrencies (altcoins).
Having scaled a long-term bearish trendline, the world's largest c
DOJ Charges ICO Co-Founder With Securities Fraud
The Department of Justice has unveiled fraud charges against another co-founder of cryptocurrency startup Centra, a move that comes weeks after two other founders were arrested and charged.
Russia's Supreme Court Orders Review of Crypto Website Ban
The Supreme Court of Russia has directed a court in the city of St. Petersburg to consider an appeal against a blocked cryptocurrency information website.
According to Russian legal information sit
Quebec's Chief Scientist Denies Dismissing Crypto Concerns
Contrary to recent media reports, the Chief Scientist of Quebec has not downplayed concerns about the illicit use of cryptocurrencies, his office said.
On Thursday, several media organizations publ
Amazon Web Services launches 'blockchain templates'
Amazon.com wants to make it easier for developers to create projects based on the blockchain technology underlying bitcoin and other cryptocurrencies. The company's cloud computing division
Cloud Giant Xunlei Claims Blockchain Advance With 'ThunderChain'
Xunlei, the NASDAQ-listed cloud network provider, has launched its proprietary blockchain platform, despite ongoing class actions over an alleged initial coin offering (ICO).
At a press event in Be
Taiwan Eyes November Deadline for Bitcoin AML Regulation
Taiwan aims to formally regulate bitcoin under anti-money laundering (AML) rules before the end of the year.
According to the Taiwan Central News Agency, Chiu Tai-san, the country's minister of jus