Bitcoin Briefly Falls Below $8,000 as Cryptocurrency Crash Continues

Bitcoin is Now 9 Years Old. Let's Have a Look at Tidbits of the Cryptocurrency's History

The crash in the cryptocurrency market continued unabated on Friday, with Bitcoin falling beneath $7,600 temporarily earlier recovering somewhat to close at $eight,385. This marked the showtime fourth dimension the world'southward leading cryptocurrency cruel below the $viii,000 level since November 24. Co-ordinate to CoinMarketCap, the bloodbath at the cryptocurrency market has resulted in $115 billion being wiped off in but 24 hours, with leading digital assets, similar Ethereum, Ripple and Bitcoin Cash falling by as much as 32 percent, 38 pct, and 27 percent respectively at ane phase.

It's worth noting here that cryptocurrencies grew at a breakneck speed over the past several months, with Bitcoin leading the pack past striking the $20,000 mark just a few weeks back, even as many analysts kept alarm about a possible crypto bubble. Notable cryptocurrency skeptics include Berkshire Hathaway Primary Executive Warren Buffett, who recently said that he thinks the crypto-mania will finish badly for everyone. J. P. Morgan Chief Executive Jamie Dimon also once called Bitcoin a fraud, although, he'south since changed his position on the effect, maxim that he regrets his earlier statement.

Bitcoin Briefly Falls Below $8,000 as Cryptocurrency Crash Continues — Chart Courtesy: CoinMarketCap

Some of the other possible reasons that are being cited for the continuing collapse of the cryptocurrency marketplace include Communist china's massive regulatory crackdown on digital currencies, and the repeated talks from senior Due south Korean politicians near criminalizing cryptocurrencies, although, the country'southward authorities seems to take since backtracked somewhat on the effect. Indian Finance Minister Arun Jaitley too recently said that the country's "Authorities does non consider cryptocurrencies legal tender".

To add together to all of that, Facebook recently banned ads promoting cryptocurrencies and ICOs (initial coin offerings) and major US banks are banning the buy of cryptocurrencies with credit cards.

Nonetheless, ane of the biggest blows to the cryptocurrency market came earlier this calendar week when Bloomberg reported about the U.S. Commodity Futures Trading Commission investigating Bitfinex and Tether for declared cost manipulation. Of form, the recent $500 million heist at Japanese exchange Coincheck isn't helping matters either.