Bitcoin, the world’s first decentralized cryptocurrency continued to slide and it declined further establishing a new low for 2018. It is down about 5 percent at $5,825 and way below the round figure $6,000 mark. The February month recorded a major drop from around $8,000 to $6,000.However, on June 24, the drop of BTC continued to the higher end of the $5,000 region, entering $5,000 for the first time since early November.
According to CoinDesk’s Bitcoin Price Index (BPI), the current BTC price is $5,824.22 at the time of this writing.
coindesk-bpi-chart
Just 10 days ago, researchers John Griffin and Amin Shams, of the College of Texas at Austin’s Division of Finance, published their research and said that Tether, a cryptocurrency pegged to U.S. dollars, is manipulating Bitcoin and other cryptocurrency prices during the recent boom.There are lots of speculations over the past 6 months that tether really is not supported by anything or if it is supported by anything it is partially reserved rather than 100% supported by the US dollar.
At this point, the price of Bitcoin had decreased almost 57% from the beginning of the year and around 70% from its unsurpassed high of $19,783.21 set in December 2017, following BPI figure is showing
coindesk-bpi-chart (1)
Other major cryptocurrencies also continued to slide and on 24 June the Ethereum price is $435.68, Litecoin is $76.06 and XRP is $0.456. The value pattern of BTC has been almost identical to the fall of BTC in 2014, when it encountered a 80 percent amendment from its record-breaking high. Thoughtfully, the fall of BTC in 2014 and 2018 represents no distinction, given that the two redresses were activated by the emission of a retail financial specialist bubble.
According to ccn, the price trend of BTC has played almost identically to the scenario provided by cryptocurrency researcher and investor Willy Woo in late May. Woo stated that due to the extreme volatility in the market and the low daily trading volume of BTC, it is likely that BTC will experience a slow bleed out to $5,500. As of current, many traders see a BTC bottom at around $5,000, some below the $5,000 region. But, unless the market fails to rebound at all and show no signs of mid-term recovery, it is difficult to see BTC dropping below $5,000.