Bitcoin Drops Over $1000 As Cryptos Go Red For Week

Following yesterday’s exciting ramp, cryptocurrencies are tumbling today (down 6-8% overnight)..

A major seller appeared around 5amET…

 

And back in the red for the week.

 

Bitcoin is down over $1000 from its highs yesterday…

The move does not seem to have been driven any specific news catalyst.

Google Trends data show searches for bitcoin have fallen by 80 percent.

The last time google searches were this low in relation to bitcoin, the cryptocurrency was valued at $5,000.

And as CoinTelegraph reports, Harvard professor and economist Kenneth Rogoff implied Bitcoin only had value because of its use in “money laundering and tax evasion.”

“I would see $100 as being a lot more likely than $100,000 ten years from now,” he said, continuing:

“Basically, if you take away the possibility of money laundering and tax evasion, [Bitcoin’s] actual uses as a transaction vehicle are very small.”

Rogoff joins a diminishing number of traditional finance figures still maintaining a firm anti-Bitcoin stance.

Additionally, CoinTelegraph notes that Bitcoin’s sideways price action has led to the lowest number of confirmed transactions per day since March 2016, according to Blockchain.info.

Data shows BTC transactions falling in line with downward trends in price since the all-time highsof December 2017.

The number of transactions reached a two-year low on Feb. 26 with only 180,000 confirmed transactions, while Sunday, March 4 saw just 195,500.

The slump comes at a time when Bitcoin struggles to regain the sky-high USD value it achieved late last year, when it reached $20,000 on some major exchanges.

Despite the release of support for Segregated Witness (SegWit) technology by Bitcoin Core and exchanges Coinbase and Bitfinex in February, faster and cheaper Bitcoin transactions appear to interest investors less than overall trading potential.