Home Bitcoin Bitcoin continues its downhill slide, dropping below $7K

Bitcoin continues its downhill slide, dropping below $7K



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Bitcoin’s downhill slope is getting steeper.

The cryptocurrency has dropped below $7,000 for the first time since last November, according to Bloomberg.

As of Tuesday, it dropped to $6,424, losing two-thirds of its all-time high of nearly $20,000 value from mid-December. That’s an 18 percent drop from the previous day. Alternative coins such as Ripple, Ether and Litecoin also dropped at least 6 percent from their December values.

The mood has been quickly changing around cryptocurrencies, which are suffering from tougher regulatory scrutiny from governments in China, India and South Korea. The countries point to money laundering, tax evasion and heavy speculation of using cryptocurrencies as major concerns.

Early last week, Facebook banned ads for cryptocurrencies and initial coin offerings, saying such ads are “frequently associated with misleading or deceptive promotional practices.”

Despite the turmoil, Bitcoin is still up dramatically from the $1,000 it traded at a little more than a year ago.

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