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Bitcoin's Price Slips Below $7,000

Stan Higgins
The total value of the bitcoin cash protocol passed $30 billion this weekend, prompting a stunned reaction from the cryptocurrency community.

The price of bitcoin has slid below $7,000 just a day after climbing above the $7,600 level.

The turnaround represents a more than $400 decline amid today's trading, according to data from the CoinDesk Bitcoin Price Index (BPI). As previously reported, prices jumped to an all-new high yesterday before starting to pull back as Monday's trading got underway.

The tumble below $7,000 began around 18:58 UTC, according to the BPI, with the market slipping as low as $6,948.57.

At press time is trading at around $6,989.64, a decline of roughly 5.6 percent on the day.

Broader market data indicates that the fall in the price of bitcoin stands in contrast with market developments for other cryptocurrencies.

For example, per data from CoinMarketCap.com, the privacy-oriented cryptocurrency monero's price is up more than 13 percent in the last 24 hours. Ethereum, the second-largest cryptocurrency by market capitalization, has risen roughly 2.5 percent during the past day of trading.

Roller coaster image via Shutterstock

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