New York (CBS Marketwatch): 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 BTCUSD, -7.32% last fetching $5,261.42, down 5.6% since Sunday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.
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.”