The digital currency plunges to worrying levels as it dips below the $6,000 levels briefly after very big dips are being tallied day after another.
On the Luxembourg-based bitstamp exchange, bitcoin fell to as low as $5,920, its lowest level since mid-November, before recovering slightly.
Of course, the cryptocurrency is still flying high relative to its value of $1,052 this time a year ago, but since hitting an all-time high value of $19,343 on 16 December, it's been on a rapid decline. British bank Lloyds Banking Group said on Sunday it was banning customers from using credit cards to buy bitcoins It joined US banking giants JPMorgan Chase & Co and Citigroup, which announced similar bans on concerns the lenders could be held liable when the volatile currencies plunge in value.
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A U.S. man is now suing T-Mobile for a security breach that enabled hackers to access his mobile number and compromise his crypto-currency accounts to steal 2.875 Bitcoin, according to legal news service. The country is looking to implement its "Great Fire Wall"; the announcement also stems from its previous announcement that includes the total ban on crypto exchanges a year ago. It slid more than 26 percent last month, in its worst monthly performance since January 2015.
Bitcoin's current place and the whole crypto market, in general, is striking fear and doubts to the investors as they continue to question the availability of the coins in the future.
The market cap price is valued at $24,900,518,691. Bitcoin has lost more than two-thirds of its value in less than two months. Since reaching an all-time high of $20,000 Dollars less than two months ago the cryptocurrency has lost almost 70% of its value. The coin managed to shed a total of 15% in the past couple of days and hits the $748 price mark.