January Marks Another Month of Price Declines for Bitcoin as the Crypto Winter Continues

Concept, the course of bitcoin is gradually melting, falling. Coin against the background of ice cubes. - Image

The crypto winter is not over yet it appears as Bitcoin continues its string of monthly losses into 2019.

The largest cryptocurrency by market capitalization has now had its sixth consecutive month of losses.

This is the longest period of monthly price declines since 2010.

Bitcoin has lost over 60 percent of its value since July last year, and its effect is visible in other cryptocurrencies as well.

Two of the other top three coins, Ethereum and XRP, are facing equally bad times with no signs of a new price uptrend yet.

Where Is Bitcoin Heading?

Today, Bitcoin is trading at $3,437, up 0.83% in the past 24 hours.

The last time Bitcoin traded in the $3000 to $4000 price range was between August and September 2017, when it was consolidated before having an explosive move to the upside in October, November, and December 2017.

In the past three months, the value of the coin has fallen by about 50% as it was trading at $6,433.23 on November 1, 2018.

Bitcoin has failed to gain mainstream financial support, and the chances of a Bitcoin ETF in early 2019 were also thwarted recently, but, now again back on the cards as VanEck has resubmitted its application.

Bitcoin Use in Fraud and Crime

Recently, the Austrian Market Authority said that cryptocurrency use is in the majority of its reports on cases related to investment fraud.

This week, the terrorist group Hamas, which controls Gaza also asked its supporters to send funds in Bitcoin. The spokesperson for the military wing of the group asked their followers to “support the resistance” with the help of Bitcoin via a video message.

These reports aren’t helping Bitcoin’s cause as the new asset class is unable to remove the stigma of being tied to illicit activities.

Despite the negative press and falling prices, the number of transactions on the Bitcoin network has increased.

As on January 30, Bitcoin’s daily transaction volume reached $2.43 billion while its exchange volume went up to $5.38 billion.

January Marks Another Month of Price Declines for Bitcoin as the Crypto Winter Continues was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.