Crypto Market Continues Slump, Bitcoin Crashes Below $7,000

Mar 31, 2018 at 1:17

The downward trend on global cryptocurrency markets continue as the price of Bitcoin crashed below $7,000 for the first time since early February attributed to a combination of technical and fundamental factors as well as market speculations.

The entire cryptocurrency market value has declined to $253 billion, down $100 billion over the past week as Bitcoin’s drop was joined by other digital currencies including Ethereum, Ripple, and Bitcoin Cash.

Analysts noted that among the factors the slashed Bitcoin’s price include Twitter’s ban on all crypto and ICO related advertisements and Reddit’s move to stop accepting Bitcoin payments as well as email marketing service, MailChimp’s plan to close all accounts related to digital assets.

Some traders claim that the selloff of Bitcoin and other cryptocurrencies may pick up toward the mid-April deadline to file taxes in the United States as investors will be needing cash to pay capital gains tax.

Meanwhile, Ethereum, the second-largest cryptocurrency by market cap, declined 11 percent to near $397, its lowest since November 23, 2017. Its current price range is down by roughly 29 percent for the week and nearly 47.5 percent for the quarter.

On the other hand, Bitcoin Cash touched a low of $682 coming from a high of $794 as Ripple reached a low of $0.47 from a high of $0.54.