Yahoo Finance Bitcoin Drops Below $6,000; Line to Launch Crypto Exchange in Singapore
Investing.com – Bitcoin dropped to around $5,900 on Friday, the second time it fell below $6,000 this month. Line Corporation, the developer of the most-used messaging app in Japan, is set to launch a cryptocurrency exchange in Singapore.
Bitcoin was trading at $5,879.5 by 12:32AM ET (04:32GMT) on the Bitfinex exchange, down 3.9% over the previous 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, fell 2.7% to $420.7 on the Bitfinex exchange.
Ripple’s XRP token slid 4.1% to $0.44704 on the Poloniex exchange.
Meanwhile, Litecoin plunged 6.3% to $74.811.
Takeshi Idezawa, the Line Corp (NYSE:LN). CEO, announced during a company conference on Thursday that the company would launch a crypto exchange in Singapore.
“With the need to trade cryptocurrencies rising around the world, LINE has been preparing to provide opportunities for users to do so securely, and as the secure system is in place now, the company will be offering the service,” the company said in a statement.
The exchange, named as Bitbox, will offer pairings with 30 cryptocurrencies including Bitcoin, Ether, Bitcoin Cash, and Litecoin, according to reports.
Local media also reported that the exchange is scheduled for launch in July and would provide services from all over the world, except for Japan and the U.S.
Meanwhile, cryptocurrency trader Ran Neu-Ner’s comments raised some eyebrows as he said Bitcoin’s price is likely to go even lower.
"There's more blood to come," Neu-Ner, who is host of CNBC Africa's "Crypto Trader," said Thursday.
"Right now my money is on the market continuing to go down, and a bear market means we're going to test $5,350 as the new low”, he added.
"That's where the miners look at this and go: 'Is it actually worth keeping the machine on?"
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