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Bitcoin extends slide, falls below $7,000


Digital currency bitcoin BTC=BTSP fell more than 15 percent on Monday to a nearly three-month low amid a slew of concerns ranging from a global regulatory clampdown to a ban on using credit cards to buy bitcoin by British and U.S. banks, APA reports quoting Reuters.

 

 

On the Luxembourg-based Bitstamp exchange, bitcoin fell as low as $6,853.53 in early afternoon trading in New York. That marked a fall of more than half from a peak of almost $20,000 hit in December.

 

Bitcoin has fallen in six of the last eight trading session.

 

The currency, which surged more than 1,300 percent last year, has lost about half its value so far in 2018, as more governments and banks signal their intention for a regulatory crackdown. Last week bitcoin suffered its worst weekly performance since 2013.

 

“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 specializes in foreign exchange, worldwide payments and treasury management.

 

Other cryptocurrencies also suffered double-digit declines on Monday, according to industry tracker Coinmarketcap.com.

 

Ethereum, the second largest virtual currency, was last down nearly 19 percent at $703.40, while Ripple, the third largest, last traded at 71 cents, down 14.1 percent.

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/ 26 May, 2018

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