The digital currency fell to a low of $6,511.52, its lowest since mid-November, stated by CoinDesk, whose Bitcoin price index records prices from four important exchanges.
With that Monday decline, bitcoin has now lost more than 50 percent for the time so far.
The modern sell-off follows statements in the last week that have grown worries about heightened regulation, hackers, and possible price administration at a major cryptocurrency exchange. On Friday, J.P. Morgan Chase, Bank of America and Citigroup also said they have chosen to ban cryptocurrency properties by their credit card customers.
A report from China’s Financial News on Sunday said jurisdictions will increase efforts to regulate virtual currency trading platforms, particularly those that may have transferred overseas following Beijing’s ban on initial coin libations in September. The South China Morning Post first highlighted the report.
The headlines of the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission are also set to claim before the Senate Banking Committee on Tuesday.
In prepared statements, SEC Chairman Jay Clayton said investors should remain careful about investing in cryptocurrencies and gave a summary of the commission’s efforts so far.
Ethereum fell 14 percent, to $712, according to CoinMarketCap, while ripple dipped nearly 11 percent, to 72.7 cents, in afternoon trading.
Among the cryptocurrencies affected are ether, which slid below $700, and bitcoin cash, the breakaway cryptocurrency which has collapsed under $1,000 during the day’s trading as of press time.
Observers have looked to developments such as limitations on access to overseas buying sites in China and a rising number of banks preventing credit card purchases on crypto as reasons behind the market drop.
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