Summary: GDAX platform quotes show bitcoin below the $ 6,000 mark, a 24-hour decline of over 25%. Bitcoin hit $ 18,674 in December last year and has now fallen by nearly 70% from the time it was before, making it the third-largest decline in history.
At about 13:08 p.m. BTT on Tuesday, the offer from the GDAX platform shows that Bitcoin fell below the $ 6,000 mark and has fallen more than 25% in the past 24 hours.
Bitcoin hit $ 18,674 in December last year and has now fallen by nearly 70% from the time it was before, making it the third-largest decline in history.
Bitcoin lost most of the time from November 30, 2013 to January 14, 2015, when prices plunged 87% to $ 152.4 from $ 1,163.
Bitcoin prices plunged 83% from $ 259.34 to $ 45 from April 10, 2013 - April 12, 2013, ranking second in the history of declines.
In the past month or so, bitcoin prices experienced a clear and turbulent decline, in stark contrast to the super bull market that jumped 16 times last year.
This is closely linked with the continuous supervisions of many major countries in the world such as South Korea, India and China. Just last month, Indonesia banned financial institutions from engaging in Bitcoin payments. The governor of Bali Police, Qahuhasa, said that by law Indonesian rupiah must be used for all financial transactions in Indonesia.
Earlier, China's central bank's "China Financial Times" reported that it will take a series of regulatory measures against ICO (first-time tokens issuance) and virtual currency transactions both at home and abroad, including banning related commercial entities, banning and disposing of domestic and foreign virtual currency transactions Platform website.
In the meantime, several U.S. and British banks announced a series of banned customers from using credit cards to buy bitcoin. Lloyds Bank, the UK's largest mortgage lender, announced on February 5 that it would ban its customers from using credit card loans to buy digital currencies such as bitcoin, forbidden on the grounds of fear of losing customers or huge losses as a result of the price drop and of failing to recover the money. Earlier, the three U.S. banks, including JP Morgan Chase, Bank of America and Citibank, also announced the ban on the use of their credit cards to trade any virtual currency .
The Wall Street Journal quoted Charlie Bilello, director of research at Pension Partners in New York, as saying that the recent decline has somewhat worsened, and for those new investors who invested in cryptocurrencies during last year's price hikes, the price plummeted They recognize the reality. Many people are investing in cryptocurrencies, attracted by the prospect of the currency being outside the control of the central bank and the government, but now have to succumb to market forces.
Once accurately predicted 2008 Nouriel Roubini, the stormy "Doomsday Doctor," addressing the issue, bitcoin is the biggest bubble in human history and is now crashing back to the surface. He predicts that the bitcoin's plunge will not start until it is worthless and the price is zero. (Wall Street knowledgeable)