Regulatory measures around the globe, including Japan where the cryptocurrency market thrives, have also tamped down any possible hopes of a rally.

Related – Bitcoin Price Prediction: $5,350 in Bear Market

If things don’t turn around for the leading cryptocurrency, Bitcoin is nearing a 60 percent loss year-to-date. In addition, the total market capitalization for cryptocurrencies have dropped by 61 percent based on data from Coinmarketcap.com.

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