Price of Bitcoin Dropped Below $6,000

Early on Tuesday, the price of bitcoin shortly dropped below the $6,000 mark as the sell-off of the cryptocurrency continued.

According to Coindesk, Bitcoin is down by 11 percent to just more than $6,000 at pixel time after dropping below the $7,000 mark less than 24 hours ago.

It is recorded to be the lowest price of the cryptocurrency since the middle of November and the well-off highs that were recorded at the end of the past year when bitcoin was nearing the $20,000 mark.

In recent weeks, heightened regulatory scrutiny has placed pressure on cryptocurrencies with billions being wiped off the market values of the digital currencies last January.

This week, Lloyds became the most high profile bank in the United Kingdom to impose a ban on the purchases of bitcoin with credit cards. The said move was quickly followed by Virgin Money. Other banks are also keeping a close eye on the developments, and some analysts expect other banks to follow suit.

Read more: Bitcoin and Other Cryptocurrency Credit Card Purchases Banned by Lloyds Bank

Meanwhile, the regulator that is in charge of the markets in the United States is expected to inform politicians that greater oversight of digital currencies is required.