Bitcoin Falls Below $8000 Mark

There is not much of a rally that Bitcoin is showing in the market for quite some time now. Even on Monday, the Bears looked to be in control of the Bitcoin market as its value was pushed below $8,000. There is a fear among many Bitcoin traders that Bitcoin might hit its recent lows of $7,300 very soon.

The Bitcoin has a lot of fluctuations on Monday. It even touched $7,716 on the day and this was the lowest value for Bitcoin since March 18. It, however, rallied to touch $8,000 mark and then closed just below this.

It is believed that the lowering of the prices of Bitcoin is due to the decision taken by Twitter to ban all the advertisements related to wallet services, token sales, exchanges and initial coin offers. But the Bitcoin was already on the back foot before Twitter put a lid on the advertising.

The average price of all the leading exchanges for Bitcoin is it $7,935. This shows that the Bitcoin has slumped 2.5 % from the previous day is closing figures. There is no doubt that Bitcoin can make a minor corrective rally. The main question is whether it will be able to sustain the gains that it makes.

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About the Author: Colleen Kerr

Colleen is a financial reporter, focusing on technology, national security, and all things mobile. Before joining the BitCoinPlussNews, she worked as a staff writer at Huff Post and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.

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