Bitcoin was trading at $6,945.00, dipping 7.83% as of 6:56 AM ET (10:56 GMT) the Bitfinex exchange, not far from its overnight low of $6,692.20
The decline in Bitcoin was driven by talk of a so-called “death cross,” which is a term used to describe a crossover of the 50-day moving average and the longer-term 200-day moving average. Technicians often look at this pattern as a bearish sign of what's to come.
Increased regulation and a fall in prices has also contributed to an investor sell-off as interest in virtual coins wanes. Total cryptocurrency market cap has fallen almost below $260 billion, according to data from coinmarketcap.com, the lowest point since November 2017.
Markets in Europe and the U.S. were closed on Friday for the Easter holiday weekend. Trading is expected to be thin as a result.
Meanwhile, email servicing firm MailChimp has banned users that are “involved in the production, sale, exchange, storage, or marketing of cryptocurrencies.” Information about virtual currencies can still be sent, the company said.
The automated email service is just the latest technology company to ban cryptocurrency related content. Twitter, Facebook (NASDAQ:FB) and Google (NASDAQ:GOOGL) have also taken steps to ban digital currency related ads, especially for Initial Coin Offerings.
Other virtual currencies were also down, with rival Ethereum, the world’s second largest cryptocurrency by market cap, falling 6.01% to $387.47 on the Bitfinex exchange. Ripple, the third largest virtual currency, slumped 6.87% to $0.49961 while LiteCoin was at $116.61, down 1.80%.
