Bitcoin’s price continued to drop on Monday, sliding below the $7 mark – its lowest level in more than two months. Analysts have attributed the ongoing price weakness to a steady stream of bad news for the cryptocurrency industry, including new regulatory concerns and recent announcements that several big banks will no longer allow their credit cards to be utilized for cryptocurrency purchases.
On the regulatory front, the Chinese government is making an increased effort to curb digital currency trading in the country. According to a report in the South China Morning Post, authorities will move to block Chinese citizens from accessing both domestic and foreign websites used for digital currency trading or ICO participation.
The new ban comes amid reports indicating that the government’s attempt to suppress the nation’s appetite for digital currency trading had been failing. Though authorities had previously forced domestic exchanges to close their doors, many Chinese investors have found other ways to continue trading.
Meanwhile, UK-based Lloyds Banking Group announced that it too will no longer allow its credit cards to be used for digital currency purchases. In a statement to CNBC, the bank said:
"Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies."
Other major cryptocurrencies also dropped in value during Monday trading, with Ethereum and Ripple both experiencing a double-digit decline in price. The broader digital currency market has lost more than $60 billion in value in the last twenty-our hours.