Utah People's Post

The Latest News from the Beehive State

Thursday, March 30, 2023
Log in
  • National News
    • Female Caseworker Killed & Doctor Shot in Philadelphia
  • State News
    • Car Chase Leads to Drug Arrest
  • Tech & Science
  • Health
    • How to Prepare For Ticks Season
    • Magical Weight Loss Bean Scam
  • Sports
  • Business
You are here: Home / Business / Bitcoin Drops below $7,000 Dragging Down Other Cryptocurrencies

Bitcoin Drops below $7,000 Dragging Down Other Cryptocurrencies

February 7, 2018 Posted by Amelia Donovan

Man holding round Bitcoin in handBitcoin has just dropped below the $7,000 mark after the fifth straight day of losses, dragging down the value of other cryptocurrencies in the process. It is the first time since November, that bitcoin hits such low level.

The losses are caused by the governments’ clampdown on the cryptocurrency markets amid a speculative frenzy that pushed the value of the digital coins to artificial heights in late 2017.

Bitcoin’s value plunged 22% to $6,579 in New York on Monday. The drop wiped out around 65% of its value. In December, a single bitcoin sold for $19,511. On Monday, rival tokens also tanked, with Ethereum and Ripple losing around 21%.

Analysts underlined that no fundamental change led to the bitcoin’s price slump. But the artificial gains needed to be corrected at some point. Bitcoin’s crash was reportedly caused by a massive sell-off.

Bitcoin Hit with Negative Press

The incident was likely caused by negative news about the digital token. Lloyds Banking Group Plc and other financial institutions recently said that they would no longer allow their customers to purchase digital coins with their credit cards. Bank of American and JPMorgan soon joined the chorus. Several credit card issuers explained their decision through a desire to keep customers safe.

SEC boss Jay Clayton confirmed that the cryptocurrency issue needs to be clarified as current stock market rules were not designed with virtual coins in mind. Clayton appeared before the Senate Banking Committee on Tuesday to discuss the issue.

However, Bitcoin’s troubles are not caused only by negative press. Global stock markets are retreating after the Dow Jones reported the largest intraday point drop in its history on Monday. So, many investors abruptly decided to pull their money out of risky assets like cryptocurrencies.
Image Source: Pexels

Share this:

  • Tweet
  • Share on Tumblr
  • Email

Filed Under: Business

mm

About Amelia Donovan

Amelia got her feet wet in the captivating world of journalism while still in college, working as the editor of the university’s newspaper. She minored in Journalism and Mass Communication before receiving a scholarship at a prestigious German university. After receiving her bachelor’s degree, Amelia went on to pursue her biggest passions: journalism and science. She enjoys being up to date with any cutting-edge scientific advancements and her minor in biology allowed Amelia to accurately cover particularly interesting medical topics.

Woman working out at the gym

Just 23% of Americans Are Working Out Enough in Their Spare Time

June 29, 2018 By Amelia Donovan

Poliovirus Therapy Gives Brain Cancer Patients New Hope (Study)

June 29, 2018 By Amelia Donovan

United Airlines airplane

Passenger Mysteriously Dies on United Airlines flight Bound for Boston

June 28, 2018 By Amelia Donovan

Breakfast sandwich

Here Are Some Foods No Nutritionist Would Ever Eat

June 27, 2018 By Amelia Donovan

Poppy flower

UN Warns of Surge in Opium-based Drugs and Cocaine Supply

June 27, 2018 By Amelia Donovan

U.S.-Canada border

French Jogger Detained 2 Weeks for Accidentally Crossing Border

June 26, 2018 By Amelia Donovan

Plus size model

Normalizing Plus Size Could Fuel Obesity Crisis (Study)

June 25, 2018 By Amelia Donovan

Giant manta ray

Unique Manta Ray Nursery Spotted off Texas Coast

June 23, 2018 By Amelia Donovan

The rainbow flag

WHO Scraps Transgenderism from List of Mental Illnesses

June 22, 2018 By Amelia Donovan

456 People Dead at U.K. Hospital after Taking too Many Painkillers

June 21, 2018 By Amelia Donovan

Kenyan girls dancing

Kenyans Facing Poor Nutrition as Supermarket Shopping Is on the Rise

June 20, 2018 By Amelia Donovan

Pages

  • About
  • Contact
  • Privacy Policy GDPR
  • Staff
  • Terms and Conditions

Recent Posts

  • Just 23% of Americans Are Working Out Enough in Their Spare Time
  • Poliovirus Therapy Gives Brain Cancer Patients New Hope (Study)
  • Passenger Mysteriously Dies on United Airlines flight Bound for Boston
  • Here Are Some Foods No Nutritionist Would Ever Eat
  • UN Warns of Surge in Opium-based Drugs and Cocaine Supply
  • French Jogger Detained 2 Weeks for Accidentally Crossing Border
  • Normalizing Plus Size Could Fuel Obesity Crisis (Study)

Related Articles

  • Passenger Mysteriously Dies on United Airlines flight Bound for Boston

    Jun 28, 2018
  • Fishing boat in the Atlantic Ocean

    U.S. Seafood Dealer Lied About Fish Being Caught in U.S.

    Jun 14, 2018
  • Tesla car on the road

    Tesla’s Autopilot Software To ‘Nag’ Drivers to Keep Hands on Wheel

    Jun 12, 2018
  • Mexico Slaps Tariffs on U.S. Steel, Pork, and Bourbon

    Jun 6, 2018
  • Dairy cows on a pasture

    Kentucky Milk Plant Closes after Losing Contract with Walmart

    Jun 4, 2018
  • Tesla founder Elon Musk

    Elon Musk Upset About Latest Tesla Crash Being ‘Front Page News’

    May 16, 2018
  • Orange juice bottles on Whole Foods shelves

    Amazon to Roll Out New Prime Perks for Whole Foods Shoppers

    May 2, 2018
  • U.S. Liquor Store

    Alcohol Sales on Sunday No Longer Banned in Indiana

    Mar 5, 2018
  • Bitcoin coins on 100-dollar bills

    Iran Unveils Its First National Cryptocurrency

    Feb 23, 2018
  • Transavia Airlines plane taking off

    Man on Plane who Wouldn’t Stop Farting Causes Emergency Landing

    Feb 19, 2018

Categories

  • Business
  • Entertainment
  • Health
  • National News
  • Nature
  • Provo
  • Salt Lake News
  • Science
  • Sports
  • State News
  • Tech & Science
  • Technology
  • Uncategorized
  • West Jordan
  • West Valley City
  • World

Copyright © 2023 utahpeoplespost.com

About · Privacy Policy · Terms of Use · Site Map · Contact