Bitcoin Prices Continued Downward Trend This Week

Story by: Charles Bovaird

Bitcoin prices followed a bearish trend this week, pushing lower and suffering additional losses.

The world’s largest digital currency by market value has been experiencing a steady, downward trend since late last year, when it hit an all-time high of close to $20,000 on the CoinDesk Bitcoin Price Index (BPI).

“We have crossed over into bear market territory for cryptocurrencies, driven by widespread acceptance of market manipulation and the siphoning of capital from market participants,” stated James Song, founder and CEO of blockchain startup ExsulCoin.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Bitcoin Pushes Lower

Amid this backdrop, Bitcoin followed a continued, bearish pattern, rising slightly earlier in the week and the experiencing a modest loss later on.

The digital currency rose to a weekly high of $6,810.90 at 23:15 UTC (7:15 Eastern Time) on July 7, after starting out the day at $6,600.99, BPI data reveals.

Bitcoin prices then proceeded to fluctuate between $6,600 and $6,800 over the next few days, before hitting a local high of $6,791.59 on July 9 and then declining.

By 23:30 UTC (7:30 Eastern Time) on July 12, the cryptocurrency had reached a weekly low of $6,087.73, roughly 10.6% below the weekly high.

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