Markets Update: BTC Prices Suffer from a 65% Loss Since December

Bitcoin prices and cryptocurrency markets, in general, have been declining in value for the past six weeks straight with a few bounces here and there. Currently, BTC/USD markets have reached the lowest price in weeks touching $6,600 on February 5, 2018, erasing the past three months worth of gains.

The -65 Percent Bitcoin Dip

Many cryptocurrency enthusiasts and traders are in search of the cryptocurrency ‘bottom’ — the price position where the asset will go no lower and is usually followed by a price rise. Today BTC hit a low of $6,600 across most global exchanges around 2 pm EDT. At the moment the BTC/USD global average is hovering just above the $7,000 region after passing through the $9-8K territories two days prior. At the time of publication BTC markets are down -65 percent since the December 16 all-time high. Over the past 12-hours, trade volume has been weak at under $6Bn traded over the past 24-hours, but that metric has increased since the dip. The top five exchanges trading the most BTC at the moment include Bitfinex, Okex, Binance, GDAX, and Bitstamp. The Japanese yen is the most dominant currency traded right now with BTC as the yen captures 40 percent of global trading. This is followed by the USD (36%), tether (USDT 10%), the euro (7%), and the Korean won (2%).

Digital Asset Markets, In General, Are Suffering Deep Losses

The top ten cryptocurrencies are all suffering from extreme losses today. The second largest market cap held by ethereum (ETH) is down 11 percent, and one ETH is trading at $737. Ripple (XRP) markets are down 8 percent as one XRP is $0.74. Bitcoin cash (BCH) prices dropped 16 percent to a low of $947. Lastly, Cardano (ADA) dropped to $0.33 today seeing an 11 percent loss over the past 24-hours.

Most traders in forums and Telegram chats have been trying to call the ‘bottom’ for a while now. Some still believe we could even touch lower bound prices around $4.5K per BTC in the near term. Some think a reversal will take place soon and prices between $13-15K could be reached by March. Overall the bearish sentiment has eclipsed most signs of positivity and the euphoric feelings traders felt just six weeks ago.

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