Published On: Wed, Feb 7th, 2018

With Another 20% Decline, Bitcoin Struggling at $6,190

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Bitcoin

Bitcoin with the nose-dive losing its pace in the global arena. With the 20% decline in its worth to the lowest of three months on Tuesday, the crypto-currency enthusiasts are flocking to sell it. With the all-time high of 26 fold rise to $19,511 six weeks ago, to just $6,190 according to news sources.  It has already signalled the investors it could lose another 50%.

Crypto-currencies presumed safe heavens China, Russia, and South Korea in recent days have witnessed the impounding by Government of virtual currency markets. India has also vowed to restrict the use of crypto-currencies as the mode of payment and also, their possible use in unregulated activities. In eyes of the recent biggest loss from Coindesk, Japan’s crypto-currency exchange i.e. $530 million has invoked the authorities to raid exchanges.

European, Japanese and USA banks have also raised their eyebrows due to latest market fluctuations and concerns and many have stated, to not to allow their users to use credit cards for Bitcoin transactions. Dow has lost its point on Wall Street and this has posed a great loss, diffusing all is gains. Ultimately this loss also created an undeniable force for crypto-currency selling, leading to lowest of three months.

According to Greg McKenna, chief market strategist at AxiTrader, with this decline in crypto market banks will diffuse their user’s ability to use their cards also, crypto-currency might lose grounds and hit somewhere between ($1850-$2966).

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- Business Graduate, Blogger Enthusiast, Article writing and Research.