Bitcoin Continues to Slide, Falls Beneath $7000

by Ben Pena February 7, 2018, 1:07
Bitcoin Continues to Slide, Falls Beneath $7000

This fall in the value of Bitcoin comes a day after a decision of some major United Kingdom and USA banks to ban their customers from using credit cards to buy Bitcoin and other #Cryptocurrencies. Citigroup, JPMorgan Chase, and Bank of America have all joined the ranks of the companies who have enacted a bitcoin ban.

Broader volatility further threatens the virtual asset class, as numerous "establishment" investors who helped buy the price up to peak levels are likely to be more inclined towards tangible stores of value.

Economic experts share Bitcoin opinions Mon, December 11, 2017 Is Bitcoin's bubble about to burst? SEC and CFTC are expected to propose increased regulations on the cryptocurrency market to protect the users from fraud and the market from manipulation.

Of course, the cryptocurrency is still flying high relative to its value of $1,052 this time past year, but since hitting an all-time high value of $19,343 on 16 December, it's been on a rapid decline. The fear of new regulations in Asian markets such as China is a contributing factor. From there the price of Bitcoin and other cryptocurrencies has dipped below.

"We envisage this decline will continue, setting the next technical level at $5,000 a coin", said Miles Eakers, chief market analyst at Centtrip, which specialises in foreign exchange, worldwide payments and treasury management.

Cryptocurrency researcher at the University of Cambridge Garrick Hileman said some banks recently pushed back on digital currencies. "This only applies to our credit cards and not our debit card".

United States assumptions about China's nuclear development absurd
The document also says China continues to increase the number, capabilities and protection of its nuclear forces. Low-yield weapons with a strength of under 20 kilotons are less powerful but are still devastating.

Bitcoin had a bad start to the week, with BTC/USD sliding 15.9% on Monday to end the day at $6,955.27, the only good news being Bitcoins move off an intraday low $6,756.68 before the close.

Bitcoin has slumped in recent sessions as a risk-off mood spread across financial markets.

Cryptocurrency demand will skyrocket in the next 12 months, Bitcoin could gain by 50-60 per cent and will remain highly volatile as it comes under increasing pressure from Ethereum and other cryptocurrencies.

The mood has been quickly changing around cryptocurrencies, which are suffering from tougher regulatory scrutiny from governments in China, India and South Korea.

Allegations have arisen about online coin offerings skirting the registration process with the U.S. Securities and Exchange Commission.

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