The Bitcoin Price Is Tanking -- Here's Why
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 on Coinbase, down from daily highs of $8,168. Meanwhile, other cryptocurrencies are also suffering, and many of them haven't had quite the bull run bitcoin has had 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...
