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
