Bitcoin Starts 2o20 With A Whimper As Crypto Markets Suddenly Dive

Bitcoin Starts 2o20 With A Whimper As Crypto Markets Suddenly Dive

Many have said the 2020s will be the decade of bitcoin and cryptocurrencies but a few days into the new year and the bears are still in control.

The bitcoin price has been on a steep downward trend over the last six-months with bitcoin today dropping under the psychological $7,000 mark to trade as low as $6,900 per bitcoin on the Luxembourg-based Bitstamp exchange.

So far into 2020, bitcoin is down almost 4%, while top ten digital tokens bitcoin cash, litecoin, EOS, and binance coin are off by around 5%. Tezos is the biggest loser for 2020 so far, down almost 8%.

"We stand before the dawn of a new decade. As we look ahead, there is little doubt that the next one—the 2020s—will be the decade of crypto," the co-founder of the U.S.-based Gemini bitcoin and cryptocurrency exchange Tyler Winklevoss boldly proclaimed on New Year

However, bitcoin was one of the best performing assets in 2019, with many bitcoin bulls feeling emboldened by bitcoin's performance over the past 12-months despite its huge downturn the year before.

Bitcoin and cryptocurrency watchers are this year looking forward to the launch of social media giant Facebook's libra cryptocurrency, crypto platform Bakkt's Starbucks project, and bitcoin's May halving event—when the number of new bitcoin rewarded to miners will be halved.