Good afternoon and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
A bad start to the week continues for the cryptocurrency market as BTC prices plunge below $7,000.
Bitcoin struggled to rally this morning and has lost 1.10 percent on the day to trade at $6,963.45.
Ethereum had some small gains yesterday but lost 0.01 percent to trade at $407.13.
Ripple sees more losses, falling 1.77 percent to trade at $0.421029, while Litecoin suffers a 1.35 percent loss to sell for $73.29 percent.
Investors fear that BTC could tumble further down the charts, but some experts are telling traders to hold strong – a bounce back may be on the cards.
3.30am UPDATE: Crypto advocate Tom Lee tells investors “Don’t panic, bitcoin is bouncing back!”
Wall Street crypto guru Tom Lee believes bitcoin can slowly recover from its current slump in 2018.
The head of research at Fundstrat said “Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets.
“The news that we have seen, from the SEC saying bitcoin’s a commodity, to the potential for an exchange-traded fund is causing investors to decide that bitcoin is the best house in a tough market.”
The crypto expert thinks bitcoin dominance is showing that the market is reacting to what is good news.