Bitcoin prices are continuing to move lower on Monday as the downbeat sentiment in the digital asset community persists.
Coming off a week that saw the world’s largest digital currency plummet through $6,000, bitcoin prices have shed another 5% on Monday, with a single bitcoin
last fetching $5,261.42, down 5.6% since Sunday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.
Read: Why bitcoin prices are staging a fresh collapse
With bitcoin now down more than 60% year-to-date and more than 70% since its all-time high, Stephen Innes, head of Asia Pacific trading at Oanda believes ongoing regulatory hurdles will push bitcoin through the next psychological level at $5,000, with further declines likely. “The digital token fell as much as 6.3% to $5,202, having plunged through a critical resistance level Wednesday after a period of relative tranquility,” he wrote.
“I remain incredibly bearish on BTC with the $1,000 level looking as likely as $10,000. But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets, and will undoubtedly burst crypto’s balloon as the $5,000 cliff edge is approaching fast.”
Read: SEC settles charges with two ICOs that opens the door to nonfraudulent cases
Altcoin massacre continues
Altcoins, the collective group of coins other than bitcoin, have tumbled to multimonth lows on Monday. Ether,
the second-largest digital currency is trading at a 16-month low of $153.91, down 11.6%. Litecoin
was down 9.4% at $37.80, Bitcoin Cash had shed 17.2% and XRP,
was down 3.7% at 48 cents.
Bitcoin futures followed suit on Monday. The Cboe Global Markets December contract
was down 4.9% at $5,155 and the CME Group November contract
was down 5.9% at $5,130.
The total value of all cryptocurrencies now stands at $171 billion, down more than $10 billion from Friday, according to data from CoinMarketCap.
Read: Opinion: Bitcoin still fooling buyers into believing those 200%-plus gains are coming back
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.