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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.<\/p>\n
The digital token fell as much as 6% to trade with a $6,000-handle for the first time since July 17.<\/p>\n
Last month\u2019s 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.<\/p>\n
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.<\/p>\n
Confusion surrounding the news may have spurred a deepening in the decline, which began last Monday.<\/p>\n
“If you really dig into it, the service would allow customers to convert their cryptocurrency at the time they\u2019re making the purchase,” said Ryan Taylor, chief executive officer of Dash Core.<\/p>\n
“They\u2019re clarifying that \u2019hey, we\u2019re not getting into cryptocurrency speculation here – we\u2019re accepting dollars, same as we always have.\u2019”<\/p>\n
Jamie Dimon\u2019s bearish comments on the coin at an event this weekend may have also triggered selling.<\/p>\n
The JP Morgan CEO reiterated comments made last year, calling cryptocurrencies a “scam” and saying he had “no interest” in the world\u2019s largest digital currency.<\/p>\n
He also suggested governments may shut down the currencies, because of an inability to control them.<\/p>\n
“To say it\u2019s the same thing as the US dollar is virtually insane,” he said Saturday at the Aspen Institute\u2019s 25th Annual Summer Celebration Gala.<\/p>\n
Bitcoin rivals including Ethereum, Litecoin and Ripple also retreated on Monday.<\/p>\n