Down more than 25 percent week-on-week, bitcoin could be heading for its worst weekly loss since April 2013. The sell-off gathered pace today with prices hitting a 10-week low below $8,100, but a relief could be in the offing, technical charts indicate. Having breached the psychological support level of $9,000 earlier today, BTC fell to $8,056.51, its lowest level since Nov. 25.
BTC prices on Korean exchanges trade at a discount to prices on western exchanges, particularly BTC is changing hands at $8,227 on Coinbase's GDAX exchange, while on Bithumb, it's at $7,960. So, prices on Korean exchanges are trading at a discount of more than $250.
Till last month, the premium on Korean exchanges (known as the "Kimchi premium") was so high that it would distort the global average price of bitcoin. Thus, on Jan. 8 data source CoinMarketCap decided to exclude Korean prices from average calculations.
BTC is not the only, Ripple's XRP token has depreciated by 30%. Ethereum's ether token, bitcoin cash, NEO, and litecoin are down by 20% and the entire market capitalization of all cryptocurrencies together has declined by over $100 billion.
Cryptocurrency markets have been hit by a string of negative news since the beginning of January.
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