Bitcoin’s Bears Are Roaring, As Crypto Markets Slide Downward

Investing, News | May 23, 2018 By:

Bitcoin’s downward slope gained momentum today, plunging from the $8,000 level to $7,600 at mid-morning. With analysts predicting a floor in the $6.000 area, there seems to be more room to run downhill to come.

The rest of the top ten coins also took a severe price-pounding, as most dropped double digits over the last 24 hours.

This most recent sell-off started following raids on South Korea’s largest cryptocurrency exchange. While no wrongdoing was found, the move spooked the day traders in one of the world’s most active markets, starting the slide for most cryptocurrencies. This latest retreat is harder to figure out, as bitcoin is now at a 30-day low and appears to be in one of its periodic funks, attributable less to outside forces and more to investor pessimism that a rally is in sight.