Bitcoin prices continued to decline, falling below $5,800 and reaching a new low for the year. At this point, Bitcoin was down 5.3% over the last 24 hours and was trading at its lowest since November 2017.
The digital currency had plunged more than 70% from the all-time high of $19,783.21 it reached in December.
Bitcoin has been suffering a downward trend for the last several months, losing roughly more than two-thirds of its value since hitting an all-time high late last year. “Statistically Bitcoin has been in bear market for a while,” stated Marius Rupsys, a digital currency investor.
“Exchange volumes continue to languish, and Google search trend statistics show that search volumes for ‘bitcoin’ sit at just 10% of the heights witnessed at the peak of the mania in December,” Scott Weatherill, chief risk manager of B2C2 Japan, stated.
Bitcoin is heading towards $5,000, “and that is still the most likely path,” he said.
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