Bitcoin massacre continuous as a price tumbles below $6,000 for a short period of time. The price stands at $6089.98 at the time of writing this article but may continue to fall more. Bitcoin has shed over $70 billion in a week and that is very disturbing for investors who invested in this cryptocurrency when price was over $15k just few weeks back.
It will be safe to say that Bitcoin which was one of the most dominating cryptocurrency in 2017 is terribly struggling to find its feet ever since 2018 started.
According to coindesk, cryptocurrency was down more than 11% and it has further lost its value and continue to do so making Bitcoin lose more than 55% from its value since the beginning of 2018. The decline is cited because of regulations and price manipulation in different markets specially India.
According to cointelegraph, top 5 credit card companies have band or about to impose a ban on cryptocurrency purchasing with credit cards which could cause another dent to the price stability of Bitcoin.