Bitcoin continues its downhill slide, dropping below $7K

06 February, 2018, 15:33 | Author: Teresa Adams
  • Image Source CoinMarketCap

According to CryptoCompare, "Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network".

Bitcoin initially dropped below $8,000 on Friday during a wild day of trading that saw the cryptocurrency drop by as much as 15%, to a low of $7,700, before jumping and eventually ending the day in positive territory, close to $9,000.

According to Coindesk, Bitcoin is now at $6,784, which represents a 17 percent drop for the day. Go back just one more month to last September, and the digital coin's value was about $4,000 (around £2,900, AU$5,100), so the bubble inflated quickly - and appears to be deflating at even greater speed.

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Threats from China and India The digital currency world has been plagued by a string of worrying headlines. Previously it had stamped out domestic cryptocurrency exchanges but it extended its crackdown to foreign platforms too. "At the same time, further regulatory measures will be taken with the future development of the situation", the Financial News reported.

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

Only yesterday, I wrote a story about Lloyds Banking Group banning its customers from buying Bitcoin, amid fears about its stability. The move was followed by the same decision from American giants Bank of America, JP Morgan Chase and Citigroup.

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Fears of tightening regulations are also turning sentiment negative: China, India and South Korea have continued to discuss stricter regulations and Facebook last week made a decision to ban adverts promoting cryptocurrencies. $100,000 bitcoin ahead? Still, there are bullish voices in the market.

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.

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