Is this the bottom?
Bitcoin hit the lowest point in the past few months, below $7000, on February, 5. BTC lost 11% in 24 hours and 60% over the last 30 days. Obviously, the currency dragged altcoins down: Ethereum decreased in 11%, NEO — 16%. As far as we can see, the massive drop is caused by the news from China banning all foreign cryptocurrency exchanges.
"Only miners with access to “very cheap” electricity of about 6 cents per kilowatt hour or less can stay profitable after Bitcoin slumped to $6,000 on Tuesday," — said Sophie Lu, an analyst at Bloomberg New Energy Finance in Beijing. Others will leave the market if the price doesn't grow up back.