RATE Group | Bitcoin Declines Below $7,000, Leading Cryptocurrency Retreat
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Bitcoin Declines Below $7,000, Leading Cryptocurrency Retreat

07 Aug Bitcoin Declines Below $7,000, Leading Cryptocurrency Retreat

Posted at 05:50h in Cryptocurrency News by

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Bitcoin slipped below $7,000 to its lowest level in three weeks, as seemingly positive sentiment surrounding the largest virtual currency soured over the weekend.

The digital token fell as much as 6 percent to trade with a $6,000-handle for the first time since July 17. Last month’s renewed exuberance, which saw it rise by almost a third, appears to be fading against the backdrop of a challenging technical picture. A series of lower-highs show how rallies have repeatedly failed to build momentum.

The coin fell even in the wake of news that Starbucks Corp. is teaming up with Intercontinental Exchange Inc., which just created a venture designed to more tightly integrate digital currencies into global commerce. Confusion surrounding the news may have spurred a deepening in the decline, which began last Monday.

“If you really dig into it, the service would allow customers to convert their cryptocurrency at…

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