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Bitcoin continues its downhill slide, dropping below $7K

07 February 2018
Bitcoin continues its downhill slide, dropping below $7K

Cryptocurrencies tracked by have lost more than US$500 billion of market value since early January as governments clamped down, credit-card issuers halted purchases and investors grew increasingly concerned that last year's meteoric rise in digital assets was unjustified. Citigroup, JPMorgan Chase, and Bank of America have all joined the ranks of the companies who have enacted a bitcoin ban.

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Bitcoin and the rest of the cryptocurrency world seems to be plunging in value amidst a large amount of news and happenings in the market. Trading at around US$6,360 the cryptocurrency has nearly halved in value in the past week alone and it is now shed almost 70% of its value since peaking above US$19,300 in mid-December.

Monday saw New York's headline index lose 1,175 points, equating to a 4.6% drop, marking the worst single trading session loss in Wall Street history.

With Bitcoin the main trade pairing for the cryptocurrencies, it's unsurprising that the rest of the cryptomarket has tumbled, with the total cryptomarket cap falling to $281.86bn at the time of writing. On Tuesday, the Bank for International Settlements warned that authorities must be prepared to act against the "invasive spread of cryptocurrencies". This has seen massive sells because countries like china are moving fast to ban the use of digital currencies like Bitcoin in the country. "This only applies to our credit cards and not our debit card".

But it's not just Bitcoin. That increased profit was stoking the fire for people's fascination with cryptocurrency.

The fact that many of these exchanges are used by criminals may not come as a surprise to many, however the ability of criminals to hack these exchanges and steal the money of hardworking folks who have put their life savings (perhaps foolishly) in Bitcoin is reprehensible.

In another gloomy day for the crypto markets, the total value of all cryptocurrencies fell to $276 billion today - the lowest level since November 26.

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. South Korea has been examining closely whether it should enact a ban on cryptocurrency altogether as a solution to the problem.