Bitcoin took another big hit as prices continue to slump following on from a poor weekend.
The market has seen another slump, with BTC falling another 2.50 percent as of 7.30am, trading at $6,107.14.
Ethereum and Ripple are trading at $434.63 and $0.459704 respectively, while Litecoin is going for $76.89.
Experts predict Bitcoin could continue to fall, with many suggesting the biggest cryptocurrency on the market could have found a new bottom.
Why is Bitcoin falling?
The cryptocurrency market has taken a bit of a battering in world media in recent weeks, with two major hacks rocking trader confidence.
Bitcoin has also faced continued regulation speculation and trader tensions rising.
The market was rocked this morning as news emerges more than $20 million in Bitcoin was seized from illegal vendors on the Darknet by the Department of Justice (DoJ).
Agents claim to have seized cryptocurrency mining devices, weapons, narcotics, $3.6 million in US currency and more than 2,000 Bitcoins worth more than $20 million.
The operation which was spearheaded by the Department of Justice had Special Agents of Homeland Security Investigations (HSI) pose as money launderers on Darknet market sites where they were able to identify vendors of illicit products while exchanging U.S dollars for virtual currency.
Bitcoin prices may also have slumped this morning after the most recent comments from Alibaba’s chairman Jack Ma advising traders to avoid trading in BTC.
Mr Ma is the controlling shareholder in Ant Financial, the financial-technology affiliate of Alibaba.
Speaking at a launch event for a new online-payment service for real-time cash transfers between Hong Kong and the Philippines, he said: “Technology itself isn’t the bubble, but Bitcoin likely is.”
This comes on the heels of hacking incidents and stronger regulatory oversight in Japan.
Although the latter could potentially improve confidence and security in the industry, investors can’t help but be wary of potential restrictions in trading or exchange shutdowns.
Alongside this, the head of payments policy at Australia’s Reserve Bank – the equivalent of the Federal Reserve or the Bank of England – said cryptocurrencies’ strengths are also their weakness.
In a speech delivered to Australian Business Economists, Tony Richards from the bank condemned Bitcoin’s transaction output, comparing the cryptocurrencies 4.5 transactions per second rate to Visa’s 65,000 transactions per second.
The laborious processing speed of Bitcoin has proved a sticking point for many potential investors, with each transaction holding back more than 100 other transactions waiting in a queue to complete.
The scepticism surrounding BTC has led some experts to suggest the cryptocurrency market leader may have found a new bottom.
Previously, the bottom was thought to be at $6,100, but Bitcoin dropped to $5,800 over the weekend, suggesting a new bottom could be about to hit the digital currency.