Bitcoin continues to tumble, briefly breaking below $6000

Bitcoin's bear market is dragging other cryptocurrencies down with it

Bitcoin value plunges below the $7000 (£5000) mark for the first time since November

That's an 18 percent drop from the previous day. It's not a static feature.

Monday saw New York's headline index lose 1,175 points, equating to a 4.6% drop, marking the worst single trading session loss in Wall Street history. "This is the real thing".

Bitcoin also dipped below its 200-day moving average for the first time in more than two years on Tuesday.

A spokeswoman for Chase bank said it is not now processing credit card purchases of cryptocurrencies because of the volatility and risk involved, while a Citi spokeswoman confirmed a similar ban, but did not give a reason.

The act also follows the decision of some of the largest credit card issuers across the pond - Bank of America, Citigroup, JP Morgan, Discover and Capital One - to have banned the use of their cards to purchase Bitcoin and other digital currencies.

Ripple has dropped by nearly 14% over the course of the first day of February, and many are wondering if the end of cryptocurrency could be in sight, or if this could just be the beginning.

"We envisage this decline will continue, setting the next technical level at $5,000 a coin", said Miles Eakers, chief market analyst at Centtrip, which specialises in foreign exchange, worldwide payments and treasury management.

Alibaba invests a whopping Rs. 1300 Crore into Zomato
Along with local rivals Tencent and JD.com, Alibaba has been investing heavily in brick-and-mortar retailers over the past year . Ant Financial is the payments business connected with China's largest e-commerce firm Alibaba Group Holding Ltd.


How are other digital currencies holding up?

Bitcoin and the rest of the cryptocurrency world seems to be plunging in value amidst a large amount of news and happenings in the market.

"To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs", affiliates for the People's Bank of China said, according to the South China Morning Post.

February has not been a good month for Bitcoin traders, or traders of any cryptocurrency for that matter.

"I think regulators need to learn how to interact with this technology and not stop this", Bloq's Roszak said. On Tuesday, the Bank for International Settlements warned that authorities must be prepared to act against the "invasive spread of cryptocurrencies".

Iqbal Gandham, managing director at trading platform eToro said his company had seen a drop in trading interest from investors in recent weeks amid the selloff, but that interest remained far higher than before the fourth quarter of past year.

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