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February 2, 2018

Bitcoin price sinks below $8,000 in cryptocurrency slump

Bitcoin has fallen below $8,000 for the first time since November 2017, at which point it began a climb to almost $20,000.

By Tom Ball

The price of Bitcoin is suffering in early 2018 as it sinks back below the $8,000 mark for the first time since its late 2017 spike began over 10 weeks ago.

Bitcoin is not alone in facing falling prices, with cryptocurrencies generally experiencing value setbacks from a major sell-off.

While cryptocurrencies have become closely associated with volatility, largely thanks to Bitcoin, digital currency is facing increasing challenges in the opening of 2018.

In the latter part of 2017 cryptocurrencies and Bitcoin in particular faced limitations and bans from government regulation in countries including China, Russia, Vietnam and South Korea. In recent days a sharp blow of this variety has been delivered as India announced a ban on the buying and selling of cryptocurrencies.

Further pressure on cryptocurrencies was recently applied by the UK Prime Minister and the Chancellor of the Exchequer, expressing a belief in the need for tightened regulations on cryptocurrency.

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Facebook also struck a blow against cryptocurrencies, having made the decision to ban all cryptocurrency advertisements. The social media giant has reached out to users to encourage flagging of cryptocurrency ads its software has missed.

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A major payments processor, Stripe, also cast a shadow of Bitcoin when it announced its decision to end support for the currency, stating that it was not useful for transactions due to its level of volatility.

Even other popular frontrunners that some would consider top spot contenders, Ethereum and Ripple, have experienced major price declines. Bitcoin Cash has also joined Ripple is haemorrhaging value. These events seem to frame 2017 even more clearly as a remarkable year for Bitcoin, but it is worth remembering that spectators have thought the ubiquitous currency was doomed before.

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