A potential trade war between the U.S. and China is affecting more than just Wall Street today. Cryptocurrencies are suffering amid the uncertainty, sending Bitcoin prices below $7,000.
Bitcoin prices hit $6,919 in mid-morning trading Wednesday. Since the digital coin’s stunning escalation in value last year, the lowest prices have fallen is $6,127.21, according to CoinMarketCap.
Late last week, Bitcoin prices fell below $7,000 for the first time in nearly two months. There have been warnings that the crypto bubble was about to burst.
Cryptocurrencies on the whole are suffering in Wednesday trading. Bitcoin, Ethereum, and Ripple are all down roughly 7%, as of 11:00 a.m. ET. And Bitcoin Cash is down nearly 8%. Less well known cryptocurrencies are seeing big drops as well, with only one of the top 45 cryptos (as judged by market cap) showing gains. Ardor is actually up 13% today to 29 cents.
Editor’s Note: This article has been corrected to note that Bitcoin dipped below $7,000 last week for the first time in two months.