According to media reports on June 29, the price of bitcoin has fallen to the lowest point since November last year. Due to the recent unfavorable news including hacking and suppression by global regulators, investor sentiment has not rebounded.
According to CoinDesk, Bitcoin, the world's largest cryptocurrency, fell to $5799.62 at 8:30 am EST on Friday, the lowest level since November last year. Bitcoin's price fell by 57% in 2018, and it rose more than 100% in 2017.
Although there is no clear factor that caused bitcoin to fall in prices this Friday, bitcoin prices began to fall after last week when Japanese financial regulators ordered several cryptocurrency exchanges to improve anti-money laundering rules.
In addition, the issue of security vulnerabilities is also a clear cause of the decline in bitcoin prices. In the past two weeks, South Korea's cryptocurrency trading platforms Coinrail and Bithumb have all reported hacking attacks.
BKCM CEO Brian Kelly said that the expiration of the Chicago Mercantile Exchange futures contract also exacerbated the decline in bitcoin prices this Friday, and the market sentiment was also very bad.
Kelly said: "Although the news has been well reported, the market has not responded to any positive news."
eToro analyst Matthew Newton said that it is not uncommon for bitcoin prices to fall before the futures settlement date. He also pointed out that the cryptocurrency market currently lacks stimulus and trading volume.
Newton said: "There is no real spark on the market to stimulate bitcoin prices, and the number of sellers is significantly more than the number of buyers. Bitcoin needs some stimulation to bring the market back to life, just like the technology or supervision currently facing The same factor."
In addition to Bitcoin, other mainstream cryptocurrencies have encountered the same dilemma this week. Ethereum fell about 13% this week, while Ripple fell 14% and Litecoin fell 14%.
According to CoinDesk, Bitcoin, the world's largest cryptocurrency, fell to $5799.62 at 8:30 am EST on Friday, the lowest level since November last year. Bitcoin's price fell by 57% in 2018, and it rose more than 100% in 2017.
Although there is no clear factor that caused bitcoin to fall in prices this Friday, bitcoin prices began to fall after last week when Japanese financial regulators ordered several cryptocurrency exchanges to improve anti-money laundering rules.
In addition, the issue of security vulnerabilities is also a clear cause of the decline in bitcoin prices. In the past two weeks, South Korea's cryptocurrency trading platforms Coinrail and Bithumb have all reported hacking attacks.
BKCM CEO Brian Kelly said that the expiration of the Chicago Mercantile Exchange futures contract also exacerbated the decline in bitcoin prices this Friday, and the market sentiment was also very bad.
Kelly said: "Although the news has been well reported, the market has not responded to any positive news."
eToro analyst Matthew Newton said that it is not uncommon for bitcoin prices to fall before the futures settlement date. He also pointed out that the cryptocurrency market currently lacks stimulus and trading volume.
Newton said: "There is no real spark on the market to stimulate bitcoin prices, and the number of sellers is significantly more than the number of buyers. Bitcoin needs some stimulation to bring the market back to life, just like the technology or supervision currently facing The same factor."
In addition to Bitcoin, other mainstream cryptocurrencies have encountered the same dilemma this week. Ethereum fell about 13% this week, while Ripple fell 14% and Litecoin fell 14%.
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