Bitcoin cash falls below $1,000 for first time since November
- Bitcoin cash has fallen below $1,000 for the first time in months.
- The cryptocurrency is now less than a quarter of its $4,052 peak set in December.
- Track the price of bitcoin cash in real time here>>
Bitcoin cash, the cryptocurrency that split from the flagship bitcoin in August 2017, slipped below $1,000 Monday morning for the first time since November 2017.
Fears of a regulatory crackdown and slipping Asian volumes wiped away hundreds of billions of dollars in market value from global cryptocurrency markets in just a matter of days last week, dragging every major digital currency.
Monday's 14% drop for Bitcoin Cash comes amid announcements from numerous major banks prohibiting the use of their credit cards to buy cryptocurrencies. In the US, JPMorgan Chase, Bank of America, and Citigroup have announced bans, while Lloyds Banking Group is expected to do the same in the UK on Monday.
Last week, Facebook said it would ban cryptocurrency advertisements. At the same time, it was reported that US regulators had subpoenaed crypto exchange Bitfinex and cryptocurrency company Tether, further driving down prices.
To make things worse for an already volatile market, India's finance minister Arun Jaitley, also said that the country's government "does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payment system."
Bitcoin cash was trading at $973 at the time of writing Monday morning, down more than 15% in the last 24 hours.