Selling Action Continues, Bitcoin Price Falls For Free

The price of virtual currency bitcoin dropped to the level of 7,000 US dollars or equivalent around Rp 93.1 million on Monday (5/2/2018) or Tuesday (6/2/2018) Indonesia time. This is the first time since mid-November 2017.

Coindesk proclaimed, the Bitcoin Price Index (BPI) even touched the level of 6,888.45 US dollars, equivalent to around Rp 91.6 million, down 15 percent since the opening of trading. Then, bitcoin prices rose to the level of 6899.10 US dollars or equivalent around Rp 93 million.

That level also weakened more than 1,200 US dollars compared to the current opening level of trade, which is 8,186.65 US dollars or about Rp 108 million. Overall, the virtual currency market weakened 50 percent compared to the highest level in January 2018, with market capitalization reaching around 800 billion US dollars.

According to CoinMarketCap data, the virtual currency market capitalization is now reaching the range of 332 billion US dollars as the impact of prices continue to decline. Currencies affected include ethereum which slumped to levels below 600 US dollars.

The bitcoin cash price dropped below 1,000 US dollars. Many view China as a major cause of the virtual currency price drop.

China closes access to virtual currency trading sites abroad. In addition, China also raised the number of banks prohibited from using credit cards to buy virtual currency.

Data Coindesk until 05:45, bitcoin prices are in the range of level 7,200 US dollars or equivalent around Rp 95.7 million.