Reason for bitcoin drops to 40% in january 2018

In this week, Bitcoin is at its lowest point along with other cryptocurrencies (Ethereum and Ripple). The decline was due to investors monitoring the warnings from some regulators and increasing crackdowns on the virtual currency market in China.

source : coindesk.com

Data Coindesk showed, bitcoin prices had dropped to levels below $ 11,000 for the first time since December 5, 2017. Bitcoin prices had touched the level of $ 10,871.66. In the past month, bitcoin prices surged to a record high of $ 19,343. However, it has since declined gradually.

"This decline appears to be due to a lack of buyers in Asia," said Mati Greenspan, senior analyst at eToro.

He explained that Japan and South Korea typically dominate trade in the virtual currency market. However, in recent days, the volume has decreased, where today the volume drop from both countries is down 30 percent. This keeps the bitcoin price and a number of other virtual currencies down dramatically.