Bitcoin approaches $7000 after 10% fall in a single day

Short circuit

Short circuit

In under one month, over $550 billion of value has been wiped off the entire cryptocurrency market.

According to CoinMarketCap.com, XRP is now having a market capitalization of only $27.3 billion.

Ethereum was up 12% off its low of $627 to $711, and Ripple's XRP was up 11% from its low of $0.64.

The value of Bitcoin has fallen to below $6,000 - its lowest price since November 2017.

Bitcoin initially dropped below $8,000 on Friday during a wild day of trading that saw the cryptocurrency drop by as much as 15%, to a low of $7,700, before jumping and eventually ending the day in positive territory, close to $9,000. CoinDesk's bitcoin price index tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex.

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On the Luxembourg-based Bitstamp exchange, Bitcoin traded as low as $6,854 in early afternoon trading in NY, having now fallen by more than half from a peak of nearly $20,000 hit in December. The coin has lost more than 20% in the past 24 hours.

The latest cryptocurrency selloff is believed to have been largely driven by news that the People's Bank of China (PBoC) is banning all foreign cryptocurrency exchanges in China. On February 1, India's finance minister Arun Jaitley said the currency is not a legal tender and the government is planning a crackdown.

Customers will still be able to buy digital currencies with debit cards, the banking group said.

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

Fears of tightening regulations are also turning sentiment negative: China, India and South Korea have continued to discuss stricter regulations and Facebook last week made a decision to ban adverts promoting cryptocurrencies.

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