Bitcoin Briefly Goes Below $8,000

Bitcoin Briefly Goes Below $8,000. The bitcoin has experienced a decline in its value to where it went under the $8,000 mark. This marked the first time in nearly a month that the bitcoin had fallen under that total. The move comes as many issues have impacted the cryptocurrency market with some of these points possibly creating issues within the American market.

The bitcoin had gotten to around $7,800 during the middle part of March 15. The currency went back over the $8,000 mark not long after that and reached $8,300 near the end of the trading day.

This still marks a decline of more than a thousand dollars off in value. The bitcoin had briefly been near the $10,000 mark earlier in the week.

The bitcoin did not go anywhere near as low as the $6,300 total that it had reached on February 6. This was the lowest total for the bitcoin in recent time following a dramatic decline of more than half of its value.

Reasons For the Decline

The sudden decline in the value of the bitcoin came after two major news stories came about a day earlier. Google had outlawed cryptocurrency advertisements on its network. Also, the International Monetary Fund announced a plan to look deeper into cryptocurrencies following concerns about how those currencies may be used with money laundering functions in mind.

A hearing was also held at the United States House Capital Markets through the Securities and Investments Subcommittee. Many people at the American governmental meeting expressed issues surrounding cryptocurrencies. This led to a fear that the currency market might be harmed in some way, thus leading to the market dropping in value.

The Securities and Exchange Commission had also expressed a desire to investigate ICOs more often. This comes as several scams relating to ICOs have been coming around and stealing money from other people while in some cases taking in their personal bits of information.

Other Currencies Struggling

The bitcoin is not the only cryptocurrency that has been dealing with issues in recent time. Most currencies on the market experienced similar declines in their values only to have some kind of rebound after a bit. Some of these currencies, like the bitcoin, also experienced a decline in 10 percent of their value over the past week. Ethereum and Ripple both lost more than 11 percent of their values in that time period. NEO, Stellar and Monero experienced more significant losses as they all lost around 20 percent or more of their values.

A majority of vital currencies had sizeable declines in the past week, but NEM was an outlier as the currency went up by a sizeable amount over the past week. But that currency was also hurt by the dramatic decline in the currency market on Thursday following the ongoing issues in the United States.

It is unclear as to what the further changes coming about in the market might do with regards to the bitcoin’s changes. There are concerns that the investigations being held by the American government could potentially cause significant damages to the bitcoin’s value depending on what happens.