Bitcoin Shed Weight Below $8,000 Setting a New Low Since June

On one hand, the Bitcoin network has been doing quite well with regards to the lightning network as well as its hashrate. There have also been several cases of increased adoption as many more traditional stores are looking to accept Bitcoin payments. On the other hand however, the king coin’s market value has been very disappointing for traders as it recently slid further down, past the $8,000 level.

On Thursday the 26th, the markets bled considerably as Bitcoin lost about $700 in just a few minutes. In the short space of one week, Bitcoin has gone from highs above $10,000 to lows less than $7,800. Bitcoin has now hit a new low last seen a few months ago in June.

At press time Bitcoin has climbed again and is trading just above $8,000 with a market cap of $145 billion.

So far, there have been many theories suggested by several analysts as they all tried to explain the recent occurrence. For some of them, it’s the bad press that Facebook’s Libra has been receiving which seems to have spread to the rest of the market. Other people have suggested that the recent impeachment enquiry announced by Nancy Pelosi – Speaker of the United States House of Representatives – against Donald Trump, just might be to blame for Bitcoin’s current woes.

Image Credits: Pixabay

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