Cryptocurrency markets are suffering from new lows on the first of February as nearly every digital asset is down 3-20 percent. Since the last week of December 2017, bitcoin core (BTC/USD) markets are seeing a continuous downward spiral not seen since 2014. At the moment BTC is desperately trying to climb above the $9K region at $8,950 but buying pressure is showing signs of some flat trade volume across the boards.
Last week digital assets were at a crossroads and many bitcoin traders expected either one of two scenarios — either the dumps were over, or markets would continue to slide in value. Trade volume has been weaker this week as global markets are only swapping $8-10Bn during 24-hour trading session intervals.
I think that this situation is due to the negative news background. Representatives of Bitfinex and USDT was summoned to court. Obviously for Bitcoin is bad. Maybe it's just market manipulation to buy Bitcoin at a low price.