Bitcoin Price Drop Analysis- Price of bitcoin falls below $6,000
The price of bitcoin has suffered a new decrease. This time, the price of the digital currency has fallen close to the $6,000 price range. This means that the price of bitcoin has reached a new low. At one point during the day, the price of the cryptocurrency fell to around $5,947.
This is the lowest value that bitcoin has registered in months, after an all-time high of more than $19,000 in December.
For the moment, it is still not very clear what has led to the new price decrease. However, some market analysts have claimed that the new price fall could also be linked to the decision made by several major banks in the US and UK to ban customers from using their credit cards in order to buy bitcoins.
All cryptocurrencies suffered new price decreases
As it happened on Monday, this time also the entire market has been affected by the price fall. For instance, the price of Ethereum has also decreased to $574. In this context it is important to mention that the price of the digital currency was $1,255 back in January, when it reached its highest value so far.
On the other hand, Bitcoin Cash went down to $766. Previously, the digital currency traded at $4,091 back in December. On the other hand, Litecoin was available on Tuesday for $106, while its highest value in December was $366.
How the market will evolve is difficult to predict at this point, as the whole financials market is dealing with some serious issues.
However, what seems to be more and more a reality is the fact that cryptocurrencies might be regulated very soon. Authorities around the world have been looking into the potential of regulating this market, and it has been claimed that the US makes no exception from this point of view.