Bitcoin prices have dropped below $7,00 for the first time since mid-November, signifying a continuation of the market weakness seen in the past week.
CoinDesk's Bitcoin Price Index (BPI) hit a low of $6,888.45, representing a more than 15 percent decline since the start of the day's trading. At press time, the price of bitcoin had recovered above the $7,000 level, trading at $7,009.75. All in all, the move marks a more than $1,200 decline from the opening of $8,186.65.
As reported by CoinDesk today, the overall cryptocurrency market is down more than 50 percent from the highs seen in early January, when the overall market capitalization was north of $800 billion. According to data provider CoinMarketCap, that capitalization is now at roughly $332 billion amid a broader drop in cryptocurrency prices.
Among the cryptocurrencies impacted are ether, which slid below $700, and bitcoin cash, the breakaway cryptocurrency which has fallen under $1,000 during the day's trading as of press time.
Observers have pointed to developments such as restrictions on access to overseas trading sites in China and a rising number of banks banning credit card purchases on crypto as reasons behind the market drop.