Another bloody night happened during Europe was asleep. Based on the data of WalletInvestor’s price index, last night the price plummeted as low as $8545 however at the time of writing, BTC is being traded at around $8700.

The chart tells us 2 thing clearly, firstly that soon after Bitcoin broke out of the falling trend line it is already trading below it once again. Considering it went back below with a sharp decline can be considered quite bearish. Another thing to note here is that we broke another line of support and will head below until the next one.

In the meantime, cryptocurrency market capitalization has a monthly low of $352 bln according to CoinMarketCap. which number is almost a 40% decrease of the recent tops from February 18th, when the total capitalization was as high as $518 bln.

All major cryptocurrencies are experiencing a huge hit, most of them trading 15-20% below last day’s prices and some fell as much as 80-90% from the previous top.

The current regulations coming from Japan where they suspended two cryptocurrency exchanges are not helping the situation. Nor does the statement from US Securities and Exchange Commission (SEC) that warned investors of investing in non-regulated exchanges and called for tighter regulations across all trading avenues. Bittrex exchange has banned users from 5 additional countries as a move to please the US regulatory practices.

To top of these events, major crypto exchange Binances’ users were compromised by a phising attack, and even though the exchange handled the situation fast and professionally, the current market sentiment couldn’t handle the situation properly, resulting in overall negative headlines claiming Binance hacks which of course showed its mark on the price. Sentiment says that bears are out playing, lets see what the bulls will do next.