Bitcoin's price falls below $ 7,000, losing $ 10 billion in value over the weekend


Bitcoin prices traded lower on Monday, after the digital currency retreated below $ 7,000 over the weekend.

A single bitcoin

BTCUSD, -1.55%

changed the last hand to $ 6,971.70, down 0.9% compared to Sunday 5:00 Eastern Time on the Kraken exchange. From the high of Friday, the digital currency n. 1 has lost $ 10 billion in value, according to CoinMarketCap data.

The recent bearish trend comes despite recent bullish news that should support optimism in the digital currency.

On Friday, the Intercontinental Exchange, the parent company of the New York Stock Exchange, said it intends to launch a new company that allows "Consumers and institutions to buy, sell, store and spend digital assets on a global network without solution of continuity "- an apparently positive step for the industry.

Regarding the provenance, a UK analyst thinks he has the answer. "Despite a widely accepted view that the main contributors to declining the cryptographic market are bears among institutional investors, it is currently very likely that it only concerns miners," wrote Alexander Kuptsikevich, research analyst FxPro. "Since the profitability of the mining sector has been reduced by 90% since January 2018, they disposed of [sold] of the extracted bitcoins."

Bitcoin drops below 100 days MA, 50 days at risk

Technically, the prospect for bitcoin remains bleak. After failing in its 200-day moving average, a momentum indicator observed closely, the bitcoin has since collapsed below the 100-day moving average and is precariously negotiating close to its 50 days.

Bitcoin Chart of TradingView

After increasing by more than 30% in the last two weeks of July, the bitcoin is on track for the eighth session lost in the last nine.

Read: A real collapse in bitcoin is a real possibility, says the Nobel laureate economist Krugman

Futures open much lower on Monday

Bitcoin futures opened on Monday well in red. The August contract of Cboe Global Markets Inc.

XBTQ8, -6.22%

is down 5.9% to $ 6.960 and the August contract with CME Group Inc.

BTCQ8, -5.97%

fell 5.7% to $ 6.950.

Altcoins, or coins that are alternatives to bitcoin, are well outside Friday's closing levels, and have started to fall on Monday as well. Ether

ETHUSD, -1.42%

is down 0.9% to $ 406.80, Bitcoin Cash

BCHUSD, -3.46%

trading down 2.2%, to $ 696.10, Litecoin

LTCUSD, -1.09%

is down 0.8% to $ 73.92 and Ripple & # 39; s XRP

XRPUSD, -2.78%

trades 1.7% less at 43 cents.

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