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Bitcoin [BTC] creates new record; continues downward spiral for the sixth consecutive month

The cryptocurrency market has taken crypto users for a ride in terms of the performance of the world’s biggest cryptocurrency, Bitcoin [BTC]. Once, the top token, Bitcoin has noticed a steep fall for the sixth month in a row. This is the longest recorded fall of the coin ever since its inception in 2010.

As per the data collated by Bloomberg, the coin was down 9% in January, dropping from $3,750 to $3,410 and has plunged 83% from its high of $19,511 in December 2017. On December 2017, the coin registered a market cap of $325 billion which has currently come down to $60.8 billion, at the time of press. The fall of the coin is costing other coins like Ethereum and XRP also to fall, as per the publication.

Source: Trading view

Source: Trading view

It has become difficult for the mainstream financial institutions to come out in support of Bitcoin, as the stigma of the token being used for illegitimate purposes is hard to shake. Recently, the terrorist organization Hamas requested support to donate in…

Read Full Story : AMBCrypto

2019-02-02 14:30:17

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