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article imageBitcoin price drops down below $10,000 as recovery fails

By Ken Hanly     Feb 22, 2018 in Technology
Bitcoin has now dropped below the $10,000 level and most cryptocoins are also suffering price declines. Bitcoin is down from a recent high set on February 20. It dropped eight percent within 24 hours.
Bitcoin price still in decline
Charts show a bearish reversal pattern. It is now about half an hour into Friday February 23rd UTC and bitcoin is down to $9,704 as the trend appears to be a continuing decline.
Why the decline?
Nick Kirk of Cypher Capital said that there was profit-taking and resistance to the upward recovery at the $10,000 and $11,000 level. However, Kirk said there was no specific reason for the decline. Other cryptocurrencies were also falling in price.
Bitcoin futures also were below the $10,000 level. This was the second straight day of declines and it appears to be continuing on Friday at least early on.
Bitcoin price still well above its recent low
Earlier this month the price of bitcoin fell below $6,000 but had recovered earlier this week to above $11,000 as reported in a recent Digital Journal article. The recovery may have been helped by news of a more positive regulatory environment in South Korea a hotbed for bitcoin trading.
While the price of bitcoin is several thousand above its recent low it is also only about half of its price last December when it reached close to $20,000. The price is down almost 29 percent so far this year but it is 740 percent higher over 12 months.
BitFunder and founder charged with fraud
The US Securities and Exchange Commission(SEC) laid fraud charges against the former exchange and its founder Jon Montroll. It was run as an "unregistered securities exchange" and defrauded users the SEC said. It would seem that the SEC looked at the cryptocoins as securities.
This move along with a glitch on Japanese security exchange Zaif that allowed 7 users to buy some digital coins free, may have had a negative effect on prices.
Other cryptocoins are also declining in price
The biggest loser is bitcoin cash (BCH) rather than bitcoin (BTC). BCH dropped down 10.58 percent over a 24 hour period. It is also down over 24 percent from a recent high of $1,641.
Ripple is also down at $0.975 an 8.89 percent drop in just 24 hours. This is in spite of good news that it has added five new payment clients in four different countries. Ripple is also down 24.99 percent from a recent high of $1.30 reached on February 10th.
The market cap of cryptocurrencies is now $445 billion also down about 15 percent from a high on February 18 of $519 billion. However, it is still way above its February 6 low of $276 billion.
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