{"id":62356,"date":"2018-02-06T05:28:23","date_gmt":"2018-02-06T05:28:23","guid":{"rendered":"http:\/\/www.bnreport.com\/bitcoin-is-below-7k-at-its-lowest-since-november-amid-a-credit-card-ban\/"},"modified":"2018-02-06T05:28:23","modified_gmt":"2018-02-06T05:28:23","slug":"bitcoin-is-below-7k-at-its-lowest-since-november-amid-a-credit-card-ban","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/bitcoin-is-below-7k-at-its-lowest-since-november-amid-a-credit-card-ban\/","title":{"rendered":"Bitcoin is below $7k at its lowest since November amid a credit card ban"},"content":{"rendered":"

The price of bitcoin has slumped more than 10 per cent to a three-month low today as cryptocurrencies face attacks from all sides.<\/p>\n

At the time of writing, bitcoin was trading 14.83 per cent lower at $6,972.25. In the past month, the digital currency's value has fallen by more than $10,000, wiping more than $150bn off its market capitalisation.<\/p>\n

\u201cTo say bitcoin investors have not enjoyed the best start to 2018 would be an understatement, and the cryptocurrency\u2019s struggles have continued today as it dipped under $7,500 for the first time since it first crossed the threshold in November," said Dennis de Jong, managing director at UFX.<\/p>\n

The major sell off comes after Lloyds<\/a> Bank, Virgin Money<\/a> and US investment banks banned customers from buying bitcoin and other cryptocurrencies using credit cards<\/a>.<\/p>\n

Fears of tightening regulations are also turning sentiment negative: China, India and South Korea<\/a> have continued to discuss stricter regulations and Facebook last week decided to ban adverts promoting cryptocurrencies<\/a>.<\/p>\n

Reuters also reported that US market regulators will tell a congressional hearing tomorrow that digital currencies demand increased oversight and could require a new federal regulatory framework.<\/p>\n

De Jong was optimistic about bitcoin's fate, saying: \u201cBitcoin has bounced back from similar collapses before during its short but volatile history, and it would hardly be a shock if those claiming the bubble has burst are surprised by yet another change in fortunes.\u201d<\/p>\n

However, Miles Eakers, chief market analyst at foreign exchange specialists Centtrip predicted the cryptocurrency would continue to fall to $5,000 a coin.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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CityAM<\/a><\/h5>\n

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