Investing.com - Bitcoin slumped to a new 2018 low of $5,762.90 on the Bitfinex exchange on Sunday, taking out the prior low for the year of $6,000.00.
The low of 2017 was at $734 before a breathtaking rally saw prices surge to record highs of around $20,000 on some exchanges in late December. Sunday’s low marked a more than 70% decline in the value of bitcoin since then.
Since the market peak, the rallies have seen pockets of strength, but those corrective moves have faded.
The current bear market trend has come about as increased regulatory scrutiny and allegations of market manipulation fueled a wave of skepticism around cryptocurrencies, which may prove more sustained.
Bitcoin’s decline has been followed in near-lockstep by the wider cryptocurrency market. That uniformity of market movement is a strong indication of just how nascent the market is.
For now, the bears remain in firm control and buyers are feeling the pressure.