Bitcoin Slumps Below $8,000 as Cryptocurrency Prices Tank

Today isn’t a happy day for cryptocurrency enthusiasts, as prices have been declining steadily over the past six hours. Bitcoin is back below $8,000, and other top-ranked altcoins have also suffered significant price drops in the last 24 hours.

Bitcoin Loses Five Percent in a Matter of Hours

Bitcoin began the day trading at just under $8,200, having recovered from a momentary blip on Monday that took the price below $8,000. BTC price remained steady during the early trading hours, fluttering between the high and low margins of $8,100 and $8,200.

However, starting from 2 AM PST, the top-ranked cryptocurrency began to drop significantly, suffering five sharp slumps in quick succession. The first plunge took the price to $8,000 while the second slump saw BTC fall below $8,000 for the third time in July.

Just like the other two occasions, BTC price staged a rally to climb above $8,000, but this positive movement was short lived as the third plunge caused a significant pullback, taking the price to $7,800. At the time of writing this article, Bitcoin is trading at $7,740.

Today’s price dip means that Bitcoin’s weekly performance is now in the red for the first time in July. The top-ranked cryptocurrency has declined by more than five percent in the last seven days as well as during the previous 24 hours. However, BTC is still up by more than 22 percent for July 2018.

Cryptocurrency Prices Suffer Decline

Apart from Bitcoin, all the other top-ten altcoins have also suffered massive price setbacks today. Both the daily and weekly price performances of these popular altcoins are in the red following a day of widespread losses in the market.

EOS and Cardano are the biggest top-ten altcoin losers. EOS has declined by 10 percent in 24 hours and is down by more than 13 percent in the last seven days. For Cardano, the daily and weekly losses stand at 9 percent and 17 percent respectively.

Others like Ethereum, XRP, and Litecoin have also declined significantly. Ethereum has dropped more than $40 from its value over the course of the day so far.

Possible Reasons for Today’s Price Slump

A few hours ago, analyst Billy Bambrough published an article stating that the recent Bitcoin price rally might be over. Writing for Forbes, Bambrough listed a few reasons that could be responsible for today’s price meltdown.

Reports out of South Korea suggests that the government might pass a law to end all tax benefits for cryptocurrency exchange platforms. According to state officials, cryptocurrency exchange platforms don’t generate value. Bambrough reasons that the plan by certain banks to collaborate on the creation of a blockchain project may also have hurt the market.

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