Yesterday, we reported that trader sentiment suggested that the Bitcoin slump could continue. Now, Bitcoin has just dipped below 10k for the first time since early December. 2018 has been a rough year so far for cryptocurrencies as increased regulatory pressures have put the volatile asset class under greater scrutiny.
Bitcoin
Last year, Bitcoin hit an all-time high just shy of 20,000. But with rumors surfacing that South Korea and China will propose a ban on exchanges Bitcoin has fallen precipitously. This morning, Bitcoin dipped below 10,000 marking a 50% loss from its all-time peak. Regulatory oversight is seen has a major issue in the crypto world considering anonymity is one of the main allures to the digital currency market.
Chart 1: Bitcoin 4-hour Chart (December 2017 - January 2018)
At the time that this was written, Bitcoin continued to fall to 9663.67 as it struggles to find a support level.
--- Written by Dylan Jusino, DailyFX Research
