Bitcoin Just Slid To A New Yearly Low: Market Is Down $16 Billion, Assets Plunge

The cryptocurrency market has been reporting nothing but negative crypto news over the past week, and it seems like there are no signs of stabilization. Overnight, the market lost about billion and dropped in valuation from 3 billion to 7 billion.
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Aside from the market losing billions, Bitcoin has slid to a new yearly low of $3,310 – to later correct to the current price of $3,400. The group of cryptocurrencies that went in the red included Ethereum which has fallen to the $80 region, deleting all of the gains recorded throughout the bull market of late last year.

The price of Bitcoin Cash also fell to a double-digit and was trading at $96, after which it corrected to the current price of $100. However, the 20% drop definitely made investors take a beating and added up to the 80% monthly loss that this altcoin has suffered.

Previously on our DC Forecasts crypto news site, we reported that the Bitcoin price could be heading towards the $3,000 region which turned out to be true. The assets also continued their decline – altcoins such as Ripple, EOS, Stellar and Bitcoin Cash have fallen more than 91% from their all-time highs.

Throughout the past nine years, the crypto market experienced five major corrections with 85% drops in value on average – and this is definitely one of them. For Bitcoin to record a 85% drop alone, it needs to go to a price of $2,950.

To sum things up, it is safe to say that the market is in a bad place and Bitcoin falling to a new yearly low is not a good sign of a recovery. If this situation continues, a proper bottom could be set at even lower prices for Bitcoin and the entire market.