Bitcoin heads south below $7,500

Bitcoin heads south below $7,500

On Monday, bitcoin went down by more than 10% right after China informed that it would totally forbid cryptocurrency trading as well as initial coin offering platforms.

The Asian country has already attempted to have all the domestic crypto exchanges shut down. However, Sunday’s report in the Financial News told that those efforts hadn’t appeared to be absolutely successful.

In order to avert financial risks, the Chinese authorities are going to step up measures just to terminate any offshore or onshore platforms dealing with ICOS and virtual currency trading. That’s what the Financial News uncovered.

On Monday, bitcoin declined 10.3% hitting $7,342.50, as CoinDesk reported. On Saturday, the digital currency had found its way back over $9,000, although slumped on Sunday once again. As for ethereum, this crypto asset dived 13% being worth $729.96. Besides this, bitcoin cash dived 16%, while litecoin went down 13%.  

In value bitcoin has lost approximately $10,000 for the last month amidst an onslaught of worries over security, tighter regulation and fraud.

The previous week the digital asset had slumped below $8,000.  A market expert mainly known for foreseeing the 2008 financial downtime as well as doom-saying, Nouriel Roubini labeled bitcoin as the buble generator.  

On Monday, Lloyds Banking Group told that it would have the buying of crypto assets via credit cards forbidden. The given announcement came after similar ones the previous week from such reputable financial institutions as Citigroup, JPMorgan Chase and Bank of America.

In equities related to blockchain, Long Blockchain, the record-keeping technology behind crypto assets previously dubbed Long Island Iced Tea Corp headed south about 2.6%.  

On Friday, Long Blockchain told that it wouldn’t purchase up to 1,000 Bitcoin mining equipment, as it had initially intended, and would instead concentrate on merging with Stater Blockchain.

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