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 for the cryptocurrency market sees BTC prices plunge below $7,000, as investors hesitate to support the market. 

Bitcoin takes another hit as it loses 0.65 percent on the day to trade at $6,964.01.

Ethereum is one of the only major cryptocurrencies to see a gain, rising a measly 0.03 percent to trade at $407.11.

is down by 1.38 percent to sell for $0.423476, while Litecoin falls 0.58 percent t trade at $73.59.

The drop in price is a surprise to some investors who have seen a number of positive headlines bolster the crypto market.

Many analysts now fear that traction could be running out for bitcoin, with the digital coin predicted to rocket down below the hard bottom of $5,200.

Has the bubble finally burst for bitcoin? 

3.40pm UPDATE: BTC drops below $7,000

has dropped 17 percent over the past twelve days, after a bullish rally throughout most of July, and is currently down 65 percent from the record high in December.

BTC opened the day below $7,000 for the first time since April as prices continue to slump. 

Analysts are fearful the market could continue to drop in the coming days, with 2018 failing to push prices back up to the highs seen in 2017. 

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