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The major sell off comes after Lloyds Bank, Virgin Money and United States investment banks banned customers from buying bitcoin and other cryptocurrencies using credit cards.

The cryptocurrency suffered massive price losses along with other cryptocurrencies Bitcoin and Ethereum last week - with all now seeing double-digit losses in a dramatic week. This comes after the country banned virtual money exchanges past year.

Once considered as the only digital currency of three-Bitcoin, Ethereum, and Ripple as ranked by market cap - to have made considerable advances this year, Ethereum has lost around 15 pct in the past days and now stays at $748. The market capitalization or value of the entire cryptocurrency market fell to around $350 billion around 11:23 a.m., ET, Monday, according to data from CoinMarketCap.com.

Yesterday, the original cryptocurrency dropped below $7,000 for the first time since mid-November, finishing the session at $6,955.27.

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The popular digital currency tumbled 19.58%, briefly hitting $6,583.56, which marked the lowest level since November 14.

Ripple's XRP crypto token is hovering around the $0.63 price tag on Tuesday after falling from $0.83 (£0.59) on Sunday.

The latest cryptocurrency selloff is believed to have been largely driven by news that the People's Bank of China (PBoC) is banning all foreign cryptocurrency exchanges in China. The fear of new regulations in Asian markets such as China is a contributing factor. Coindesk measures the price of bitcoin based on a Coordinated Universal Time - now the same time zone as the United Kingdom.

To make things worse for an already volatile market, India's finance minister Arun Jaitley, also said that the country's government "does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payment system".