Bitcoin prices and cryptocurrency markets, in general, have been declining in value for the past six weeks straight with a few bounces here and there. Currently, BTC/USD markets have reached the lowest price in weeks touching $6,600 on February 5, 2018, erasing the past three months worth of gains.
Many cryptocurrency enthusiasts and traders are in search of the cryptocurrency ‘bottom’ — the price position where the asset will go no lower and is usually followed by a price rise. Today BTC hit a low of $6,600 across most global exchanges around 2 pm EDT. At the moment the BTC/USD global average is hovering just above the $7,000 region after passing through the $9-8K territories two days prior. At the time of publication BTC markets are down -65 percent since the December 16 all-time high. Over the past 12-hours, trade volume has been weak at under $6Bn traded over the past 24-hours, but that metric has increased since the dip. The top five exchanges trading the most BTC at the moment include Bitfinex, Okex, Binance, GDAX, and Bitstamp. The Japanese yen is the most dominant currency traded right now with BTC as the yen captures 40 percent of global trading. This is followed by the USD (36%), tether (USDT 10%), the euro (7%), and the Korean won (2%).