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Bitcoin Price Falls Below $7K as Crypto Selloff Continues

Bitcoin Price Falls Below $7K as Crypto Selloff Continues

While Bitcoin slid another 13 percent to below $6,000 on Tuesday, bringing the world's best-known cryptocurrency's losses to more than half since the start of 2018. CoinDesk's bitcoin price index tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex.

The cryptocurrency has dropped below $7,000 for the first time since last November, according to Bloomberg. It then rose above $9,000 over the weekend before falling below $8,000 on Sunday.

Ripple (XRP) and the majority of top ten currencies plunged close to 20% in early Asian trade today.

According to CoinMarketCap.com, XRP is now having a market capitalization of only $27.3 billion. Tougher regulation has been a key factor weighing on price.

Available for Apple and Android, the new deVere cryptocurrency app allows its users to store, transfer and exchange Bitcoin, Ethereum and LiteCoin. "In the future, any related (platform) will be closed as soon as it is found".

Regulatory clampdowns in South Korea and India and an advertising ban on Facebook have hit sentiment. The move follows US banks J.P. Morgan Chase, Bank of America and Citigroup, who implemented the same policy last week. The only information that is certain, besides the numbers reflected on the market, is the enormous impact that the government's position on digital currencies can have. Investors seeking to trade Dollarcoin must first buy Bitcoin or Ethereum using an exchange that deals in USA dollars such as Changelly, Coinbase or GDAX. $100,000 bitcoin ahead? Still, there are bullish voices in the market.

The bear market in bitcoin isn't letting up, as the original cryptoasset has fallen to its lowest level in more than two months.

Bitcoin's continuous slide since January marks a big turnaround from its unprecedented high of $20,000 level that was achieved during December past year.

The ongoing debacle that Bitcoin has been experiencing has been piling up and with the recent announcement, the prices hit a massive and worrying low; according to reports, the Bank of America, J.P. Morga, Citigroup, Capital One, Discover, and Lloyds are looking to apprehend and effectively ban its customer from purchasing cryptos through their credit cards.

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