The Price of Bitcoin Drops Close to $7,000
The price of bitcoin has suffered a new decrease. This time, it has actually reached its lowest level in several months. The price of bitcoin is now close to $7,000. Once again, bitcoin has proven that it is characterized by a very high volatility, falling by around 10% in a single day.
At the time of writing, the price of bitcoin on CoinMarketCap was $7,183. This is not the first time when bitcoin suffers such as huge price drop.
In fact, this has not been a very good period for the famous cryptocurrency. The price of bitcoin has initially suffered a decrease on Friday, when it dropped below $8,000. It seems that the trend continued and now the digital currency is close to the $7,000 price range.
The price of bitcoin was somewhat stable during the weekend
So, after the price drop suffered on Friday, the price of bitcoin has experienced a slight increase and the same day it grew to around $9,000. The digital currency managed to stay somewhat stable during the weekend at that value, but on Monday morning it started falling once again.
Analysts expect that the digital currency will manage to grow back to at least $9,000 in the near future and as previously maintain a bit of stability.
When it comes to the reason why the digital currency has been dealing with such a high price drop, it seems that there is more than just one factor involved. One of these factors could be the constant debate on Asian markets to regulate the digital currency and impose some bans on the market.
Another factor could be the announcements made by some of the biggest banks in the US and the UK, which have banned their users from accessing their credit cards with the purpose to buy bitcoin or other cryptocurrencies. These banks include Bank of America, JPMorgan, Lloyds, as well as Citigroup. It is yet to find out if these decisions will produce a long-term impact on the price of bitcoin.