The price of bitcoin has dropped by 4 percent earlier today, on January 29, as the entire cryptocurrency market struggled to recover from its previous corrections. Other major cryptocurrencies like Ethereum, Cardano, and Stellar have also fallen by small margins, in the 3 to 5 percent region.
The slump in the performance of bitcoin is not exclusive to bitcoin. Most of the cryptocurrencies in the market have struggled to record large gains since late December, when the valuation of the cryptocurrency market declined by more than 30 percent.
Bitcoin remains as one of the few major cryptocurrencies apart from Ethereum to have not recorded a 50 percent drop from its all-time high. Others, like Ripple and Bitcoin Cash, have declined by nearly 60 percent from their all-time highs established in early January.
Most recently, Robinhood, the US-based financial services company that allows individual investors to invest in the stock market, announced that it is launching a bitcoin and cryptocurrency exchange, allowing investors in the traditional finance market to trade in the cryptocurrency sector.
Robinhood’s cryptocurrency trading platform is expected to debut in February. But, more than 998,000 users have already signed up to gain early access to Robinhood’s cryptocurrency trading platform. That is, nearly 10 percent of the user base of Coinbase.