Bitcoin price LIVE: BTC falls to 2018 LOW - 'cryptocurrencies remain vulnerable', expert
BITCOIN sunk to $5,808 on Sunday before quickly recovering to $6,236 within a few hours. One expert told Express.co.uk that he expects bitcoin, ethereum and ripple to continue south, claiming that "the general ‘macro’ picture" for cryptocurrencies "is negative."
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Bitcoin is currently priced at $6,159 after hitting a new low for 2018 on Sunday night.
Jordan Hiscott, Chief Trader at ayondo markets has warned Express.co.uk that he expects prices to continue further south over summer.
Mr Hiscott said that cryptocurrencies remain vulnerable, adding, "the ability to trade and get access to both positions and funds hugely affects the perception of the stability of crypto assets as a whole.
"This is important as not having the backing of governments, unlike fiat currencies, makes crypto vulnerable, which is evident in today’s fall in the value of Bitcoin."
On the general sentiment for crypto, he said: "Japan’s Financial Services Agency has suspended the creation of new accounts at five of the main exchanges in the country.
"This, coupled with hacking events at some smaller scale exchanges in Europe, makes what I call the general ‘macro’ picture on cryptocurrencies negative, at least in the short term. Although today’s move to $6060 for Bitcoin is down 8% on the day, I wouldn’t be surprised to see the asset drop near $5000 by the end of the summer.”
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9.00am - Bitcoin 'not dead' yet
Bitcoin believer Brian Kelly, founder and CEO of BKCM LLC, told CNBC yesterday that BTC is "not dead."
He said: "This is not the funeral for bitcoin whatsoever.
"Let's put this in perspective. Do you know where we were a year ago? $2,500."
Mr Kelly told the Fast Money programme that although the drop is "painful," he said it's not unusual.
"And bear markets, we don't know where they end," Mr Kelly said.
"It doesn't mean that bitcoin can't go lower. But this is by no means the funeral for bitcoin."