The bitcoin price bull run over the last month, which saw it climb from around $6,300 to highs of $8,400 in a matter of weeks, could be over.
Bitcoin has slumped by 5% over the last 12 hours, falling well below the psychological $8,000 mark as traders and investors fret over coming tax crackdowns and blockchain-based applications being adopted by the traditional financial institutions.
Bitcoin hit lows of $7,675 at pixel time, down from daily highs of $8,168, according to CoinDesk data.
Meanwhile, other cryptocurrencies are suffering — and many of them haven’t had quite the bull run bitcoin has over recent weeks to cushion the fall.
Ethereum is down by 6% over the last 24 hours, while ripple is down around 4% and bitcoin cash is off by 5%.
Here’s what’s pushing the bitcoin price lower…