The value of Bitcoin (BTC) plunged to $5,808 on Sunday before it quickly corrected to the $6,200 mark a couple of hours later. A digital currency expert – Jordan Hiscott – said that he expects the value of Ripple, Ethereum, and Bitcoin to continue heading south, claiming that the overall micro picture for digital currencies “is negative.”
Bitcoin Price Today: Current Price of BTC
Bitcoin (BTC) is presently trading at $6,214 after plunging to a new low for this year on Sunday night. The digital currency still boasts of a market cap of $109.73 billion and a trading volume of $3.80 billion in the last twenty-four hours.
How low will Bitcoin go?
Jordan Hiscott has warned that he expects the values of digital currencies to decline further this summer. He said that digital currencies are highly susceptible, adding that the ability to trade and get access to both funds and positions have a significant effect on the perception of the stability of digital currencies as a whole.
“This is crucial as not having the support of governments and regulatory bodies make digital currencies highly susceptible, which is clearly the reason for the decline in the value of bitcoin today.” On the overall sentiment for digital currencies, Hiscott said: “The Financial Services Agency of Japan has suspended the opening of new accounts at the top 5 digital currency trading platforms in the country.”
“This, in addition to some hacking situations at some smaller trading platforms in Europe, makes what he referred to as the overall “macro” picture on digital currencies negative.”
“Although the recent move of bitcoin from the low of $5,808 to its current value is quite appealing, don’t be surprised to see the value of the digital currency plunge to the $5k level by the end of the summer.” – says Hiscott.