Bitcoin has closed below $6000 for the first time since November last year, sparking fears of further lows over the weekend. Although BTC has dipped to $5755 in recent days – lower than the current trading price – it hadn’t closed at a figure under $6000 since November 2017. This has got the Internet talking, with the bears out in force over the possibility of $5000 in the near future.
Three Key Issues
There are three main things to consider when looking into the whys and wherefores of Bitcoin’s latest slump. Firstly, the recent hacks to Bithumb and Coinrail have led to problems in South Korea. There was also the order from Japanese regulators at the beginning of the week, for exchanges to improve AML practice; an order which caused bitFlyer to suspend new account creation. Finally, there’s the expiration of CME Futures to consider. All in all, it’s been another bad week for Bitcoin.
Ethereum, Bitcoin Cash, XRP and Litecoin have all struggled too in recent days. Indeed, at the time of writing, 97 of the top 100 cryptocurrencies by market cap are down, according to Coinmarketcap. In the top 50, only the US dollar-pegged Tether (0.26%), and RChain (8.12%) are up, with Monero also performing pretty well over a seven-day period.
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Will Bitcoin recover? Should you hodl or fodl? Let us know your predictions and thoughts in the comments section.