Thursday 21 November 2019 11:35 am

Bitcoin tumbles below $8,000 barrier as sell-off continues

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.

Read more: Emerging markets need more say on digital currencies like Libra, says Chinese official

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.

Graph showing Bitcoin’s price decline over the past 24 hours. Image: Coindesk

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.

Read more: Bitcoin falls to lowest level since June amid Libra concerns

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