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Bitcoin Recovers Slightly After Sinking Below $7,000

Bitcoin price tumbled below $7,000 on Monday, showing a 24 percent decline of its value over a month. One should remind, that the most famous cryptocurrency touched $13,000 in July 2019. The Bitcoin’s current depreciation is connected with the decision of China to tighten control over cryptocurrency.

![bitcoin manages to recover after below 7,000 drop][1]Photo: Pixabay

Bitcoin dropped by more than 10 percent in six months, extending the decrease over the weekend due to concerns about the suppression of cryptocurrency operations by China.

Recall, the Shanghai unit of the Central Bank of China (PBoC) announced new rules of regulatory policy regarding the digital asset market and a number of related areas.

The major digital currency lost 11 percent since Friday’s session close and traded below $6,600 in Hong Kong yesterday, according to Bloomberg’s report. Bitcoin descended below a key psychological level of $7,000 for the first time since May 2019.

The world’s largest cryptocurrency value was decreasing for eight days in a row. A similar losing streak was recorded in 2014, according to the Bitstamp data.

Meantime, the cryptocurrencies managed to recover slightly on Monday:

  • Bitcoin gained 1.70 percent, to $7,185;

  • Ethereum rose by 2.30 percent, to $14,48

  • Bitcoin Cash added 2.03 percent, to $211,10;

  • Litecoin rose by 2.53 percent, to $46,28;

  • Ripple was the only one among the major cryptocurrencies with a 2.26 percent drop, at $0.2210 at 15.05 GMT.

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