Bitcoin (BTC) has fallen overnight to US$6,809 as losses from the week's high of $7,489 hit $688.
CLICK ON IMAGE BELOW FOR LATEST PRICES:
Kevin Murcko, CEO of cryptocurrency exchange
CoinMetro said:
“Historically, bitcoin has exhibited seasonal patterns – poor first quarters, which tend to turn bullish again in Q2. Bitcoin may well continue this trend in 2018.”
The
Reserve Bank of India has once again barred banks and financial institutions from dealing with virtual currencies. It said:
“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs."
B.P. Kanungo, Deputy Governor, RBI went on to say:
“We have decided to ring-fence the RBI regulated entities from the risk of dealing with entities associated with virtual currencies…They are required to stop having a business relationship with the entities dealing with virtual currencies forthwith and unwind the existing relationship within a period of three months.”
Ripple’s (XRP) woes continue with the price now at US$0.49.
BTC experts are not overly concerned about the current bearish market.
BRD CMO and Co-founder
Aaron Lasher told
newsbtc.com:
“The game isn’t over, digital scarcity is a major innovation in money and value, and we’re in the initial stages of a multi-decade trend towards tokenization of assets.”
Four years ago,
Mark Karpeles became one of the most controversial figures in the fledgling cryptocurrency space after his exchange,
Mt. Gox, abruptly went down along with 850,000 bitcoins. Now, the controversial Mt. Gox CEO is back to apologize for his for his role in the company's 2014 collapse that shook the crypto community.
In a
Reddit post on Wednesday, Mark Karpeles reached out to the exchange's users, many of whom have been locked in a years-long battle to retrieve funds lost by the exchange. He said:
“I don't want this. I don't want this billion dollars. From day one I never expected to receive anything from this bankruptcy…The fact that today this is a possibility is an aberration and I believe it is my responsibility to make sure it doesn't happen.”
In March, it was reported that Mt. Gox sold more than US$400 million worth of its BTC. Many crypto-enthusiasts then went on to blame this move for the recent drop in price bitcoin has been experiencing.