Bitcoin Lowest Level In Six Months
MANY ANALYSTS ARE POINTING TO CHINA TO EXPLAIN A CRASH IN BITCOIN'S VALUE
(CNN) – The Bitcoin roller coaster dipped to a six month low with some analysts saying, “blame China.”
The crypto-currency’s value fell to about $6,500 Monday, before rebounding to 7,100 hours later.
That comes after prices reached $8,500 in July after bottoming out at 4,000 at the start of the year.
Some analysts believe the summer rally was fueled by China’s president calling Bitcoin an “important breakthrough.”
They blame Monday’s decline on Chinese Central Bank officials, who recently announced they plan to crack down on illegal cases involving virtual currency.
Other analysts say the price fell because bitcoin’s value is stabilizing.
The crypto-currency is known for wild price swings that can be difficult to explain.
Bitcoin has been around for 11 years now.
It reached an all-time high value of nearly $20,000 in December of 2017.