The peer-to-peer decentralized virtual currency bitcoin can’t seem to catch a break in the New Year. The price of the highly adopted digital currency has fallen to just under $200, and at one point during the Tuesday trading session it dipped to under $180.
Many expect it to fall another 20 percent before rebounding between 10 and 12 percent. Analysts say bitcoiners are waiting for it to tumble even more before purchasing further digital holdings. Also, the decline in prices can be attributed to the fact that many merchants are dumping their bitcoin holdings and immediately converting them into United States dollars.
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