Bitcoin At A Five-Week Low Under $8,000
Bitcoin has tumbled to a five-week low of below $8,000 as it continues to be battered by negative news.
Currently, bitcoin’s price is down 4.51% at $7,827.21 a coin. This is about $2,000 below the coin’s price form the start of the week.
Google announced yesterday, that it would crack down on cryptocurrency and initial coin offering (ICO) advertisements, or in other words unregulated or speculative financial products. It came after Facebook announced in January to do the same. A research analyst at FXTM Lukman Otunuga said there was another advertising ban had “eroded investor appetite” towards bitcoin.
He said that Google’s move was the followed by the International Monetary Fund calling for a global crackdown on cryptocurrencies.
“The outlook for Bitcoin is looking increasingly gloomy,” Otunuga said.
“Focusing purely on the technical picture, bitcoin is bearish on the daily charts with $10,000 acting a solid psychological resistance level. Sustained weakness below $8,000 could open a path back towards $7,000 and $6,000, respectively.”
A recent survey found, that just over half of current crypto investors still appear to be unfazed. According to the research by Citigate Dewe Rogerson, in the upcoming year 56 per cent of crypto investors plan to buy more, compared with 31 per cent who plan to retain or reduce their exposure.
Bitcoin’s price has shed about $12,000 from its December high of close to $20,000.