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 Bitcoin and the Austrian Financial Market Authority noted that investment fraud involving cryptocurrencies now sums up the bulk of reports to its whistleblower website, reported Bloomberg.

As per NewsBTC, the lack of sophisticated infrastructure is an important reason due to which Bitcoin’s penetration into the mainstream market is prevented. According to P.A.ID [Payments, Authentication, Identity and the Security and Connectivity of people, devices, objects and transations], 68% of Bitcoin exchanges across the US and Europe are not compliant with KYC. Most of these exchanges are unable to process larger transactions due to liquidity issues. John Devlin, chief analyst at P.A.ID said to the publication:

“Cryptocurrency wallets and exchanges want to enjoy the same trust as the wider traditional financial services, but for this to happen they need to rise above the sometimes-dubious reputation of cryptocurrencies’ past and be seen as ‘model citizens’ of the economy.”

At the time of press, Bitcoin [BTC] was valued at $3,474.64 with a market cap of $60.8 billion. The coin reported a 24-hour trade volume of $5 billion while registering a fall of 4.13%, over the past seven days. The coin saw a rise of 0.95% over the past day and is still registering a minimal growth of 0.01% over the past hour. The coin has been highly traded on BitMEX, with a volume of $830 million with BTC/USD pair.

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