Bitcoin drops below $US7,000

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Bitcoin drops below $US7,000

Other digital currencies also experienced drops in value.

Bitcoin's value has fallen below $US7,000 for the first time overnight, following a 19-day drop - with other cryptocurrencies following suit.

This is the first time since July that Bitcoin's value has been sub $US7,000, following a steady stream of increases and putting the year-to-date decline at 60%. Over the last two weeks, the cryptocurrency has dropped by 17% and over just three days has lost 48.76% of its value.

The price of Bitcoin according to CoinMarketCap

At its lowest point, Bitcoin hit $US6,933.09 according to the CoinDesk Bitcoin Price Index (BPI). Although not as low as the year's low, which was $US5785.43 in June. However, just one month later, the currency hit the annual high of $US8,479.33.

One of the reasons Bitcoin may have dropped so suddenly is the news that Starbucks is set to team up with Intercontinental Exchange to bring together digital currencies and commerce. This seems to worried some as to what it means for traditional currency.

"If you really dig into it, the service would allow customers to convert their cryptocurrency at the time they’re making the purchase," said Ryan Taylor, chief executive officer of Dash Core explained to Bloomberg. "They’re clarifying that ’hey, we’re not getting into cryptocurrency speculation here -- we’re accepting dollars, same as we always have.’"

This trend shows the real volatile nature of cryptocurrencies. In fact, it's not just Bitcoin suffering from losses either. At the time of writing, Ethereum was down by 1.48%, XRP by 5.23% and Litecoin down 3.37%.

Copyright © ITPro, Dennis Publishing
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