Bitcoin's rapid tumble from December records comes amid a slew of negative headlines pushing back against cryptocurrencies' advancement into established financial markets.
In the latest blow, J.P. Morgan Chase, Bank of America and Citigroup said Friday that they decided not to allow customers to buy cryptocurrencies with the companies' credit cards.
That followed reports last week that increased worries about potential price manipulation at Bitfinex, one of the largest cryptocurrency exchanges in the world. The Commodity Futures Trading Commission on Dec. 6 subpoenaed Bitfinex and a digital coin company called Tether, run by many of the same people as the exchange, Bloomberg reported, citing a source. The New York Times said Wednesday that a person familiar with the matter also affirmed the report. The CFTC declined to comment to CNBC. A representative for Bitfinex and Tether had no further comment.
Bitcoin dropped more than 10 percent to $7,334.93 on Monday morning, according to CoinDesk's bitcoin price index, which tracks prices from exchanges Bitstamp, Coinbase, itBit and Bitfinex. That marked bitcoin's lowest since mid-November.
Bitcoin 12-month performance