A sharp retreat from highs extended the decline in the Asian session

FX168 Bitcoin Prices fell significantly in the Asian session on Wednesday (January 6), continuing the decline that began yesterday.

The quotes released by BITSTAMP show that Bitcoin/US dollar (XBT/USD) fell from above 434 to below 430 yesterday, and fell further in the Asian session of this trading day, falling below the 428 level at one point.

(Bitcoin/USD time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN showed that Bitcoin/Euro (XBT/EUR) was above the 404 level after yesterday's volatile trading, and then fluctuated and fell back. It fell below the 398 level in the Asian session of this trading day.

(Bitcoin/Euro time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by Huobi.com show that Bitcoin/ RMB ( 6.5529 , 0.0310 , 0.48% ) fell from a high of 2855 to around 2810 yesterday, and came under further pressure in the Asian session of this trading day, even falling to the 2770 level at one point.

(Bitcoin/RMB 30-minute chart source: Huobi.com)

In terms of industry, the Reserve Bank of India recently issued a document stating that the blockchain technology at the core of Bitcoin may be the nemesis of imitation.

The paper points out that blockchain has the potential to combat counterfeiting and that the technology is likely to cause a major change in the functioning of financial markets, collateral proof (such as land records) and payment systems.

The article states that blockchain technology is based on a shared, secure and public ledger system that is not controlled by any single user. This system, which is based on a set of universally recognized and strictly applied rules, is maintained by all participants.

The Reserve Bank of India even admits that the current record-keeping system relies heavily on trust and central control.

At 13:16 Beijing time on January 6, Bitcoin/USD was 428.40, Bitcoin/Euro was 399.91, and Bitcoin/RMB was 2809.00.