Bitcoin price (BTC) dips below $6,000 as cryptocurrency tumble continues

The price of bitcoin briefly dipped below $6,000 early on Tuesday as the cryptocurrency sell of continued.

Bitcoin is down 11 per cent to just over $6,000 at pixel time after falling below $7,000 less than 24 hours ago, according to Coindesk.

It’s the lowest for the cryptocurrency since mid November and well off highs seen at the end of last year when it was nearing $20,000.

Read more: Michelle Mone is launching her own cryptocurrency to back tech startups

Heightened regulatory scrutiny has put pressure on cryptocurrency in recent weeks, with billions being wiped off its market value in January.

Lloyds yesterday became the most high profile bank in the UK to ban purchases of bitcoin with credit cards, a move swiftly followed by Virgin Money. Other banks are keeping a close eye on developments and analysts expect them to follow suit.

Meanwhile, the regulator in charge of US markets is expected to tell politicians that greater oversight of digital currencies is needed.