Bitcoin's Price Dips Below $7K As Crypto Selloff Continues

Bitcoin prices dropped below $7,00 for the first time since mid-November on Monday.

AccessTimeIconFeb 5, 2018 at 6:28 p.m. UTC
Updated Sep 13, 2021 at 7:32 a.m. UTC

Bitcoin prices dropped below $7,000 for the first time since mid-November on Monday, signifying a continuation of the market weakness seen in the past week.

CoinDesk's Bitcoin Price Index (BPI) hit a low of $6,888.45, representing a more than 15 percent decline since the start of the day's trading. At press time, the price of bitcoin had recovered somewhat, trading at $6,993.10 per the BPI.

All in all, the move marks a more than $1,200 decline from the opening of $8,186.65.

As reported by CoinDesk today, the overall cryptocurrency market is down more than 50 percent from the highs seen in early January, when the overall market capitalization was north of $800 billion. According to data provider CoinMarketCap, that capitalization is now at roughly $332 billion amid a broader drop in cryptocurrency prices.

Among the cryptocurrencies impacted are ether, which slid below $700, and bitcoin cash, the breakaway cryptocurrency which has fallen under $1,000 during the day's trading as of press time.

Observers have pointed to developments such as restrictions on access to overseas trading sites in China and a rising number of banks banning credit card purchases on crypto as reasons behind the market drop.

Image via Shutterstock

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


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