Known as the leader of all cryptocurrency in the market, Bitcoin is now enduring “fall”.
In fact, the leading cryptocurrency has lost 24 percent in the last 24 hours, plunging to $6,000 on Tuesday.
Furthermore, Bitcoin has lost more than two-thirds of its value in less than two months.
It was a domino effect not just the leader of the market. In fact, the entire cryptocurrency market was in double-digit losses on the day.
Ethereum was down almost 30 percent at $589, losing all the gains it saw this year. It peaked $1,433 less than a month ago. Ripple plunged to $0.59 from a high of $3.80 in January.
“There are quite a few reasons for the decline. Recently, the US financial authorities interrogated Bitfinex exchange, Indian authorities announced the possibility of a ban of cryptocurrencies. Many other states have decided to impose stricter regulation and control in this new financial market,” Gleb Zadoya, head of analytics at Analitika Online, told Russia Today (RT).
Meanwhile, on Monday, Britain’s Lloyds Banking Group, which unites Lloyds Bank, Bank of Scotland, Halifax and MBNA, announced it bans cryptocurrency purchases from credit cards.
The move was followed by the same decision from American giants Bank of America, JP Morgan Chase and Citigroup.
Despite the regulation attempts, bitcoin is still several hundred percent higher since January last year with rivals ethereum and ripple up several thousand percent.