Bitcoin Falls Below $8,000 Briefly

Bitcoin Falls Below $8,000 Briefly. The bitcoin has reached one of the lowest values that it has gotten to in recent time. The currency went under the $8,000 mark. The development comes amid ongoing concerns surrounding the currency and its use. It is also a part of a larger trend in the cryptrocurrency market over various currencies falling in value.

According to Coin Market Cap, the currency went to around $7,800 at around 8:00 UTC. This was the lowest total for the currency amid a selloff that took place over the past day. The bitcoin had been hovering around the $10,000 mark at the start of the new month.

But since the month began, the currency has fallen in value. There had been a small increase in trading volume, but much of it appeared to be from people selling off the currency. This led to the bitcoin’s value falling dramatically.

The bitcoin did experience a slight rebound follow its new low. About an hour after it fell to $7,800, the value went back up to $8,800. The total is still a significant decline from what it had been a month earlier.

It is believed that the decline in the bitcoin’s value might have come from people acquiring the currency quickly during the holiday season amid the ongoing speculation surrounding the currency. This has led to many people who are not fully aware of how the bitcoin works investing in it, thus possibly being a problem.

But a more urgent concern surrounding the bitcoin comes from various recent news stories that have been hurting the cryptocurrency industry. The recent subpoena for Bitfinex surrounding its practices has harmed the industry. The new move from Facebook to outlaw advertising for cryptocurrencies and ICOs has also negatively impacted the bitcoin.

There are also concerns as the Senate Banking Committee in the United States will hold a meeting on cryptocurrencies and how they are to be utilized or reviewed. The meeting will be held on Tuesday.

The new decline in the bitcoin’s value is significant as the value is now close to half of what it was a month earlier. At the start of January, the bitcoin had been trading at around $14,000. The currency was close to the $18,000 mark during the first week of the year. Still, ongoing regulations involving the bitcoin and concern around the cryptocurrency industry have kept the bitcoin from growing.

Also, the bitcoin is not the only currency on the market being hurt. There has been a substantial selloff around the market with the bitcoin being the most prominent currency harmed. Ethereum has fallen below the $1,000 mark while Ripple is being traded for less than a dollar per coin.

Coin Market Cap estimates that the cryptocurrency market has lost about $100 billion in its value in the past 24 hours with losses from the bitcoin dominating the struggle. The market cap is still listed at around $425 billion. The bitcoin holds around $149 billion while Ethereum is at $92 billion. Ripple and Bitcoin Cash both have market caps in the 14-digit range as well with Cardano being not too far off.