Crypto Market on the Red as Bitcoin Dropped Below $8,000

May 24, 2018 at 12:00

Cryptocurrencies failed to recover as all major coins suffered a decline led by Bitcoin’s (BTC) decline below the $8,000 market

Think Markets chief market analyst, Naeem Aslam said that the dismal performance of the flagship cryptocurrency is attributed to China’s plan for stricter regulations following reports that initial coin offerings continue to thrive in the country despite being banned.

Aside from China’s regulatory concerns, analysts also noted that the hype for a possible price surge due to the celebration of the Blockchain Week as well as the Consensus conference in New York failed to move the crypto market upward.

BTC hit a 35-day low of $7,866, a 20 percent drop over the past two weeks.

Ethereum is also down by 9.3 percent, currently trading at $623.09.

All altcoins also suffered a decreased value. Litecoin is down by 5.84 percent at $125 while Bitcoin Cash lost 10.31 percent to $1,054. Likewise, EOS and Ripple are down by 10.91 and 7.35 percent and trading at $11.5 and $0.62, respectively.