Bitcoin Price Watch – BTC/USD Drops Below $7,000, Further Weakness Ahead

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On Thursday morning, Bitcoin price dropped below $7,000 after topping that price level earlier this week. BTC/USD is now at around $6,700 as of 1 PM EDT.

The price decline happened despite news coming out that Bitcoin tracking company Chainalysis just raised $16 million from Benchmark, the San Francisco venture capital that bet big on eBay and Uber when they first started. According to Chainalysis, this move will help the firm ramp up its sales efforts and expand the number of cryptocurrencies it tracks. Market reaction to this financing suggests that perhaps another promising industry — …

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