Bitcoin fell below $8,000 for the third time in four days on Monday amid a broader sell-off in cryptocurrencies that has seen over $60 billion of valued erased from the market in 24 hours.
The price of bitcoin traded as low as $7,178.65 on Monday and sat below the $8,000 mark for most of the morning's trade, according to CoinDesk. It's the lowest price for bitcoin since November 16. CoinDesk's bitcoin price index tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex.
On Friday, bitcoin fell below $8,000 for the first time since November 24. It then rose above $9,000 over the weekend before falling below $8,000 on Sunday.
It was not only bitcoin that fell either. Other major virtual currencies, including ethereum and ripple, fell sharply in the last 24 hours. The market capitalization or value of the entire cryptocurrency market fell to around $350 billion around 11:23 a.m., ET, Monday, according to data from CoinMarketCap.com. This was a drop of around $67.7 billion in 24 hours.