Bitcoin Tumbles Below $8000 Due To Multiple Factors

As a number of concerns are being confronted by digital currencies, Bitcoin for the first time since June tumbled below $8000 mark on Thursday extending previous losses.

In accordance with the Bloomberg composite pricing, the crypto fell by as much as 9% before recovering from the day's low of $7736 in New York. Also, in line the index called the Bloomberg galaxy crypto index which tracks a number of cryptos tanked over 8%, as other digital assets including ether and XRP declined in trade as there was seen selling in them.

Also, experts view no catalyst whatsoever to pull back the asset and in a similar fashion it never scaled back to a high of $14000 reached in the summer.

The different factors attributed to an almost 20% fall since Friday in bitcoin are a weak reception to the first Bitcoin futures contracts offered by the Bakkt interface of the Intercontinental Exchange. Also, there has been a delay in the decision concerning Bitcoin exchange-traded product by the US Securities and Exchange Commission. While others owed the decline to the dismal performance in bitcoin to CME futures contract which are due to expire today

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