Bitcoin Dips Below $7k Amidst News of China’s Full Ban of Cryptocurrency Exchang

[Superpacman]

Bitcoin (BTC) hit a new multi-month low on Monday, Feb. 5, dropping below $7,000 for the first time since the middle of November 2017.

According to Cointelegraph’s price index, BTC reached as low as $ 6,661.51 on Monday, losing at least 11 percent of value in the 24 hours to press time, and about 60 percent over the last 30 days.

he sharp drop of Bitcoin was mimicked by the prices of altcoins, with the top 50 coins losing up to 31 percent of value over the last 24 hours. Ethereum (ETH) experienced a decrease of about 11 percent, while Bitcoin Cash (BCH) and NEO dipped 17 and 16 percent respectively.

The latest cryptocurrency market decline has likely been caused in large part by the recent news from China that all foreign cryptocurrency exchanges are to be banned by the People’s Bank of China (PBoC).

[oviudiu]

Bitcoin (BTC) hit a new multi-month low on Monday, Feb. 5, dropping below $7,000 for the first time since the middle of November 2017.

According to Cointelegraph’s price index, BTC reached as low as $ 6,661.51 on Monday, losing at least 11 percent of value in the 24 hours to press time, and about 60 percent over the last 30 days.

he sharp drop of Bitcoin was mimicked by the prices of altcoins, with the top 50 coins losing up to 31 percent of value over the last 24 hours. Ethereum (ETH) experienced a decrease of about 11 percent, while Bitcoin Cash (BCH) and NEO dipped 17 and 16 percent respectively.

The latest cryptocurrency market decline has likely been caused in large part by the recent news from China that all foreign cryptocurrency exchanges are to be banned by the People’s Bank of China (PBoC).

What do you expect? This dip is caused by a mixture of fake news combined with banks banning crypto all over the world, it remains to be seen what's gonna happen next.

[Adeyemi]

Bitcoin currently sits at $6048.26. And this might change before I even post this. The cause of this decline in its price is FUD. But that doesn't mean that it won't rise again. This is a phase and it'll pass. Then, we'll have greens again.

[wolf one]

The price decline is due to FUD, not because of China, nor is there a complete ban on bitcoin in China， I do not care if the price of bitcoin is going down now. I only expect the advent of March. The bitcoin will go up. I will not be Rumors to crush my confidence.