Bitcoin falls below $7,000 amid news of the total ban on cryptocurrency exchanges in China
Bitcoin (BTC) reached a new multi-month low on Monday, February 5, falling below more than $7,000 for the first time since mid-November 2017.
According to the price index in the market, BTC reached a minimum of $6,661.51 on Monday, losing at least 11 percent of the value in the 24 hours of press time, and close to 60 percent in the last 30 days.
All this strong fall of Bitcoin comes at the root of the prices of the altcoins, with the 50 best coins losing up to 31 percent of the value in the last 24 hours. Ethereum (ETH) experienced a decline of around 11 percent, while Bitcoin Cash (BCH) and NEO fell by 17 and 16 percent respectively.
It is likely that the latest crash of the cryptocurrency market has been largely caused by recent news from China that all exchanges of foreign cryptocurrencies should be banned by the People’s Bank of China (PBoC).