Bitcoin Drops 20% To $6,100: Experts Think It Could Drop Another 50%
Today Bitcoin plunged about 20% to a three-month low. The latest sharp loss follows a series of setbacks for the cryptocurrency, as global markets adding to the sell-off.
Since the mid of November the virtual currency fell to $6,190 for the first time, the Bloomberg News reported. It represents the latest hammering for a unit, which made a big 26-time rise last year.
Today’s crash comes after bitcoin hit a record high of $19,500 last year, caused by investors, who wanted to take big profits with alerts it could fall another 50 %.
Since that time the cryptospace has been filled with news of crackdowns by governments from Russia, China and South Korea, which is one of the biggest markets for crypto.
Last week India announced about taking measures to eliminate cryptocurrency trading, while Japanese authorities made a raid after the Coincheck exchange lost $530 million to hackers.
The head of trading for Asia Pacific at Oanda Stephen Innes thinks that the dynamics behind the moves are regulatory clampdowns and investors losing confidence in crypto.
On Tuesday the sell-off was reinforced by crushing losses on world stock markets, with the Dow on Wall Street suffering its biggest one-day points loss and wiping out all its 2018 gains.