Bitcoin's Price Dips Below $7K As Crypto Selloff Continues

Bitcoin prices dropped below $7,000 for the first time since mid-November on Monday, signifying a continuation of the market weakness seen in the past week.

CoinDesk’s Bitcoin Price Index (BPI) hit a low of $6,888.45, representing a more than 15 percent decline since the start of the day’s trading. At press time, the price of bitcoin had recovered somewhat, trading at $6,993.10 per the BPI.

All in all, the move marks a more than $1,200 decline from the opening of $8,186.65.

As reported by CoinDesk today, the overall cryptocurrency market is down more than 50 percent from the highs seen in early January, when the overall market capitalization was north of $800 billion. According to data provider CoinMarketCap, that capitalization is now at roughly $332 billion amid a broader drop in cryptocurrency prices.

Among the cryptocurrencies impacted are ether, which slid below $700, and bitcoin cash, the breakaway cryptocurrency which has fallen under $1,000 during the day’s trading as of press time.

Observers have pointed to developments such as restrictions on access to overseas trading sites in China and a rising number of banks banning credit card purchases on crypto as reasons behind the market drop.

Image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Comments

comments

Filed in: Bitcoin Buzz Tags: ,

You might like:

Texas Hits Another Crypto Lending Platform with Cease-and-Desist Texas Hits Another Crypto Lending Platform with Cease-and-Desist
Korean Exchange Halts Trading Over KYC Concerns Korean Exchange Halts Trading Over KYC Concerns
Startup Raises $20 Million to Build 'YouTube on the Blockchain' Startup Raises $20 Million to Build 'YouTube on the Blockchain'
US Commodities Regulator Warns on Crypto Retirement Scams US Commodities Regulator Warns on Crypto Retirement Scams
7 Tough Legal Lessons for Crypto Entrepreneurs 7 Tough Legal Lessons for Crypto Entrepreneurs
South Korea: North Korea Stole Millions From Crypto Exchanges Last Year South Korea: North Korea Stole Millions From Crypto Exchanges Last Year
The 'Dean of Blockchain Lawyers' Just Got a New Job The 'Dean of Blockchain Lawyers' Just Got a New Job
What to Expect When CFTC, SEC Chiefs Talk Crypto With Congress What to Expect When CFTC, SEC Chiefs Talk Crypto With Congress
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.