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Bitcoin's price falls Below $7000

07 February 2018

On Friday, J.P. Morgan Chase, Bank of America and Citigroup also said they have made a decision to ban cryptocurrency purchases by their credit card customers. Citigroup, JPMorgan Chase, and Bank of America have all joined the ranks of the companies who have enacted a bitcoin ban.

Ethereum dropped 1 pct year-to-date, while Ripple fell 65 pct in the same period to 72 cents. The decline of bitcoin seems to be continuing unabated, since mid-December, this week dipping below $6,000, a figure which financial analysts have not reported since November.

Still, many cryptocurrency backers say that regulation should be welcomed, and that short-term price volatility is to be expected for a new market backed by a potentially powerful technology.

Of course, the cryptocurrency is still flying high relative to its value of $1,052 this time a year ago, but since hitting an all-time high value of $19,343 on 16 December, it's been on a rapid decline.

As regulatory chatter continues to hammer the markets, we can expect new lows to continue coming along, with investors unlikely to be too interested in getting burnt.

Banks: Forget using credit cards to buy crypto Major banks are also starting to curb the use of their services to buy cryptocurrencies.

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This announcement was welcomed by Gillian Guy, the chief executive of Citizens Advice, commenting that it "shows they recognise the risks of credit card customers running up debt they can't afford". This is a far cry from the late 2017 value surge.

At the time of writing, Bitcoin was down a further 10.17% to 6,175.1, with Bitcoin having hit an intraday low $5,920.72 early in the session.

But it's not just Bitcoin. The price of bitcoin traded as low as $7,178.65 on Monday and sat below the $8,000 mark for most of the morning's trade, according to CoinDesk.

The plunge has come during a heavy selloff in global stock markets in recent days, undermining views that bitcoin's price moves are generally uncorrelated to those of other asset classes.

The US is likely to follow suit - on Tuesday, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) testified before the Senate regarding digital currencies. "There's regulation speculation in India, South Korea, and the U.S. And then there's hacking, the Facebook situation and finally the Tether story has people anxious as well".

Bitcoin's price falls Below $7000