Cryptocurrencies back in the red, Bitcoin, Ripple down -6%

Dhwani Mehta FXStreet

Bitcoin, the biggest and most traded cryptocurrency, is seen extending losses for the second straight session this Monday and looks vulnerable once again below the $ 11k mark, as worries over the regulatory clampdown the crypto markets continue to spook the sentiment around digital currency. At the time of writing, BTC drops -6% to trade near $ 11,450 levels.

The latest move lower in Bitcoin is mainly attributed to the latest report that Taiwan may include Bitcoin trading in anti-money laundering rules. Last week, Bitcoin lost 50% of its value from the record peaks of near $ 20000 levels and fellow to a four digit mark sub-10k levels amid mounting fears of the regulatory clampdown in China and South Korea.

Moreover, comments from the Wall St veteran and Chief Investment Officer of Bleakley Financial Group, Peter Boockvar, citing that 90% of Bitcoin’s value could get wiped out, also added to the weight on the prices.

Boockvar noted: "When something goes parabolic like this has, it typically ends up to where that parabola began. I wouldn't be surprised if over the next year it's down to $1,000 to $3,000."

Bitcoin’s rivals also followed suit, with Ethereum down -4.43% at $ 1060, Ripple slumps -6% while Bitcoin cash loses -6.5%, according to the CoinMarketCap data. Meanwhile, the cryptocurrency market cap eased back to $ 563 billion versus $ 568.65 billion seen on Friday.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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