The Bitcoin price (BTC/USD) has hit a fresh low near the psychological support level of $7,000 amid an ongoing cryptocurrency downtrend.
The original cryptocurrency experienced a sharp decline in late Monday trading, with its price falling to an intraday low of $7,100.89. The digital coin finished the day at $7,135.99, significantly lower than its opening price of $7,371.31.
Following the disappointing finish on Monday, Bitcoin had to endure some rocky trading in the early hours of today’s session. However, the cryptocurrency has so far managed to defend the $7,000 level, even though it hit a near seven-week low of $7,090.68 shortly after the start of today’s trading. At the time of writing, the Bitcoin price was hovering around $7,150, according to data from cryptocurrency tracker Coinmarketcap.
Bitcoin’s lacklustre performance reflects a larger downtrend observed across the cryptocurrency market. Major Bitcoin rivals such as Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH) have all seen losses over the past 24 hours, with Cardano (ADA) being the only top 10 digital coin that has enjoyed gains in that period. The size of the cryptocurrency market has shrunk to just over $306 billion, from $313 billion 24 hours ago.
The downbeat trend, which persisted throughout the entirety of last week, was in part fuelled by news about increased regulatory pressure in the US. A Bloomberg report published last Thursday stated that The US Department of Justice had opened an investigation into whether traders are manipulating the price of Bitcoin and other digital currencies. The DoJ was working with the US Commodity Futures Trading Commission (CFTC) to investigate illegal practices such as spoofing and wash trading, the newswire said, citing unnamed sources familiar with the matter.
In today’s trading, the Bitcoin price stood at $7,155.96, as of 10:05 BST. The digital coin has lost 1.2% of its value in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.