The digital currency plunges to worrying levels as it dips below the $6,000 levels briefly after humongous dips are being tallied day after another. Bitcoin managed to hit a massive low, tallying its previous November 2017 price across all major exchanges.
Furthermore, the price managed to hit the $5,995.98 and strikes fear on to the market and investors as the talks about Bitcoin being a bubble surface; so far, the digital currency sheds a massive 50% off of its price this year and the prices continue to slip down. The Bitcoin index continues to dip as bank all around the world bans its customer on buying digital currency.
Bitcoin Struck by Banks
The ongoing debacle that Bitcoin has been experiencing has been piling up and with the recent announcement, the prices hit a massive and worrying low; according to reports, the Bank of America, J.P. Morga, Citigroup, Capital One, Discover, and Lloyds are looking to apprehend and effectively ban its customer from purchasing cryptos through their credit cards.
Furthermore, the announcement from China which involves blocking a massive number of website that offers cryptocurrency trading and the possibility of an initial coin offering. The country is looking to implement its “Great Fire Wall”; the announcement also stems from its previous announcement that includes the total ban on crypto exchanges last year.
The massive dips in the last few weeks managed to translate into a whopping $67 billion in market value; this shook the market and investors alike as the Bitcoin circulation is currently tallied to be around the $125.8 billion.
Bitcoin’s current place and the whole crypto market, in general, is striking fear and doubts to the investors as they continue to question the availability of the coins in the future. The lack of support from bigger financial institution also puts massive pressure on the prices; all-in-all, the Bitcoin price is down a total of 63% since it climbed to the $19,500 levels.
The whole crypto market continues to struggle alongside Bitcoin, the popular alternative coins were also struggling in the market with continued drops on their prices. The likes of Ethereum and Ripple have been regarded as the second and third largest cryptos in the world are also down as they start 2018.
Ethereum, probably the second most popular coin in the world, is also down by abysmal level. The coin managed to shed a total of 15% in the past couple of days and hits the $748 price mark. On the other hand, Ripple is also struggling in the market with a massive 67% to a total of 73% decrease in the market and continues to shed more as regulations stiffen.
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