Bitcoin extends slide, tumbling greater than 15 %

Bitcoin news Will bitcoin go back

Bitcoin, the largest and most well-known cryptocurrency, was still down 14%, but had climbed 6% off its intraday low of less than $6,600. It then rose above $9,000 over the weekend before falling below $8,000 on Sunday. From a peak of $830 billion at the start of January, the global cryptocurrency market has now shrunk to $285 billion, according to data provider CoinMarketCap.com.

More concerns emerged about the sector last week as Facebook banned cryptocurrency advertisements and United States regulators began investigating tether, a cryptocurrency that some fear has been used to inflate the value of bitcoin. Previously it had stamped out domestic cryptocurrency exchanges but it extended its crackdown to foreign platforms too.

India's finance minister Arun Jaitley's statement makes thing even worse for the market that is already volatile, he said that Indian government "does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payment system". On Monday, major United Kingdom lender Lloyds Banking Group (London Stock Exchange: LLOY-GB) said that it was stopping people buying cryptocurrencies using credit cards. Last week, Citigroup, J.P. Morgan Chase, and Bank of America announced their decision to prohibit purchases of bitcoin with their credit cards. The main reason for this is regulations on cryptocurrency trading in South Korea and China recently. Bitcoin, as of presstime, is trading at $6,222. $100,000 bitcoin ahead? Still, there are bullish voices in the market.

IOC Regrets CAS Decision to Uphold Appeals of 28 Banned Russian Athletes
Chudinov was fifth in the men's skeleton in Sochi and later became a coach for the Russian national skeleton team. They can not wave the Russian flag at the event and, if they win, the Russian anthem will not be played.

XRP reached prices of $3.29 on January 4 this year, an all-time high. Lee issued another report last week that maintained his $25,000 price target for bitcoin.

Ethereum dropped 1 pct year-to-date, while Ripple fell 65 pct in the same period to 72 cents.

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