Bitcoin Forum

Here’s why bitcoin is falling—and it isn’t just the Coinrail exchange hack

How low can bitcoin go? That’s the question market participants are posing as the price of the No. 1 digital asset has unraveled toward multimonth lows in recent weeks.

The value of a single bitcoin recently traded to $6,133.31 Wednesday, representing its lowest level since Feb. 5. The computer-driven currency is now down more than 40% year-to-date, raising the persistent concern about the depths to which the nascent asset, which hit a peak nearing $20,000 in December, can reach.

Analyst Jani Ziedins, who predicted the move lower, summed up market sentiment in a recent blog post. “Last week’s $9k support has turned into this week’s $8k support. And thus far it is giving every indication that $7k will become next week’s support. I hope you see the trend here,” he wrote.

Read more: https://www.marketwatch.com/story/heres-why-bitcoin-is-fallingand-it-isnt-just-the-coinrail-exchange-hack-2018-06-13