Bitcoin fell below the $7,000 mark on Sunday for the first time since May.
The price of bitcoin
was last around $6,850, according to Coindesk, after slumping about 24% over the past month. In June, the leading cryprocurrency topped $9,000 for the first time in more than a year, eventually topping out above $13,000.
The recent tumble is being attributed to China’s recent announcement that it will crack down on crypto trading. A statement by the People’s Bank of China on Friday warned it was increasing “supervision and control to combat virtual currency transactions.”
“Investors should be careful not to mix blockchain technology with virtual currency,” the central bank said, warning of the many risks of cryptocurrency trading.