Bitcoin prices drop to $ 6,107 as the sale continues

The price of bitcoin continued to climb through support levels on Wednesday, pushing the flagship cryptocurrency in about $ 100 of its year low.

Bitcoin had entered the day on a downward trajectory, and - unsurprisingly - continued to lose weight throughout the morning and early afternoon. By 16:22 UTC, the decline has become even more precipitous, as a series of large orders have reduced the price of bitcoin to $ 6,107 - its lowest since February 5 and less than $ 110 after hitting a low since beginning of the year.

The liquidation is the continuation of a market correction which, despite several false recoveries, began at the end of December and persisted throughout the first half of 2018.

However, today's decline is also correlated with the release of new academic research that suggests that last year's rally was supported to some extent by market manipulation related to the Tether Dollar-anchored USDT token. .

Many analysts remain optimistic in the long run, but Bitcoin's short-term prospects look increasingly bleak.