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:
Surging Bitcoin Price Affects Exchange and Trading Platforms
These past two months have been a crazy ride for the Bitcoin community. As the cryptocurrencyâs value continues to increase, the number of people trading Bitcoin and the frequency of such trades
Bitcoin Price Rebounds to Near $2,640 Following Yesterday's Losses
The price of bitcoin has rebounded after a notable fall yesterday that saw the digital currency lose over $400 to a low of around $2,352.
Today's resurgence sees the price back up at $2,626 at
Keep it Simple: HitBTC Helps Digix DAO Users Receive ETC Bounty With Ease
HitBTC an exchange based in Hong Kong will start the process of refunding Digix DAO (DGD) users whose tokens were formed on Ethereum main Blockchain before the hardfork took place. It is pertinent to
Bitcoin ‘Has No Intrinsic Value’: Business Insider CEO U-Turns On Digital Currency
As analysts predict Bitcoin’s price anywhere from $1,470 to $6,000 in days, Business Insider CEO told CNBC the virtual currency “has no intrinsic value.” “Bitcoin is the perfect asset for a
Bitcoin Demand Explodes in India, Overwhelmed Exchanges Put Limits on Purchases
The demand for Bitcoins has increased across the world, leading to a surge in its price to all-time highs. In India, with thousands of new users flocking to Bitcoin every day, exchanges have been
US Defence Research Agency To Integrate Blockchain-Based Crypto-Chat Platform
The US Defense Advanced Research Projects Agency (DARPA) has signed another Blockchain innovation deal, this time with Crypto-Chat developer ITAMCO. Under plans published Thursday, ITAMCO will
ConsenSys Academy Debuts With 10-Week Dubai Blockchain Dev Challenge
Blockchain venture platform ConsenSys has announced the launch of its ConsenSys Academy with a 10-week developer challenge. Dubbed the “2017 Challenge,” ConsenSys is giving student and
Dubai Regulator Lowers Regulations with FinTech License
The Dubai Financial Services Authority (DFSA) is lowering the barriers for FinTech firms with a new license to foster and encourage innovation in financial technologies in Dubai.