Bitcoin slumped to a new YTD low as negative news from India and Netherlands put pressure on it. The cryptocurrency recorded its worst monthly performance in January.
Bitcoin fell to its lowest level this year on February 2, touching $8,420 at the time of writing. Thus, the price slid to the lowest point since November 24, 2017, when it was in the middle of an impressive rally that surprised investors. On Bitfinex, one of the largest crypto exchanges in terms of Bitcoin trading volume, the quotation fell to a low of $8,431, according to data from Coinmarketcap.
In January, Bitcoin had the worst performance since the same month of 2015, falling by about 30%. The cryptocurrency is going through a rough patch amid a series of unfavorable fundamentals.
Here are the top events putting tremendous pressure on the quotation:
- Bitcoin dragged the whole crypto market down on fears that South Korea might ban cryptocurrencies, the same as China did it back in September last year. Even though South Korean recently came up with new regulations regarding crypto trading within its borders, it’s too early to conclude that the local authorities are planning to crack down on the market. In fact, finance minister Kim Dong-yeon revealed the government has no intention to shut down crypto trading.