Bitcoin plummeted below $8,000 this morning after hovering just above the barrier for almost a week.
The cryptocurrency crashed through the barrier mid-morning UK time, marking its lowest price since late October.
Bitcoin continued to fall, according to Coindesk data, and was trading at $7,880.22 by late morning,
It also dipped below its 200-day moving average line, which is considered a sell signal by many analysts.
The price of the cryptocurrency has fluctuated wildly in recent months as investors grapple with low trading volumes and try to gauge regulators’ moods.
Market watchdogs across the globe have been considering how to regulate the industry, with many focusing on investor protection amid concerns about security and cryptocurrencies’ volatility.
Singapore’s central bank yesterday announced plans to bring bitcoin and similar cryptocurrency futures traded on its exchanges under regulation.
In a consultation document, the Monetary Authority of Singapore said institutional investors had shown interest in trading “payment tokens” like bitcoin and ether, who “have a need for a regulated product to gain and hedge their exposure to the payment tokens.”
Main image credit: Getty