Breaking News: Bitcoin Keeps Reeling as Price Dips Below $8,000 ‘Panic Mode’ Level

The cryptocurrency freefall continues as Bitcoin fell below the $8,000 "panic mode" level.

The freefall of Bitcoin and other cryptocurrencies continued on Monday, with digital coins bleeding value by the hour, data from CoinMarketCap showed.

At 8:30 am UTC, Bitcoin was trading at $7,946 having slipped below the sentimental $8,000 point, which industry insiders describe as the “panic mode level.” Bitcoin fell by 12.48% over the past 24 hours, with its market capitalization dropping to $134.9 billion. Over the past seven days, the cryptocurrency has lost 29.74% of its value.

All major cryptocurrencies are also on a downward spiral. Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin, Stellar, NEO, EOS, and NEM all suffered sustained losses on Monday.

Bitcoin appeared to be perking up early in the day as it climbed 2.02% at 3 am UTC to trade at $8,219.50. It had gained a further 2.43% by 4 am UTC to reach $8,223.62. However, Bitcoin and the rest of the altcoins started going downhill as the Asian market picked up pace, the data showed.

Friday closes with $100 billion loss

The drop in Bitcoin’s price follows the massive sell-off in the cryptocurrency space on Friday, when $112.6 billion in value was wiped out on concerns over stricter regulations and the resulting widespread uncertainty in the industry.

Reports of market manipulation by cryptocurrency company Tether on the Bitfinex exchange have also spurred the decline in virtual currency prices. Last week, the U.S. Commodity Futures and Trading Commission issued a subpoena to Tether and Bitfinex over alleged market manipulation.

John McAfee still confident about Bitcoin

However, cryptocurrency pundit and former cyber-security maestro John McAfee remains unfazed by the sliding value of Bitcoin. He is still confident that the digital currency will bounce back.

In a series of tweets over the weekend, McAfee reminded everyone that what goes down must go up sometime.

He said in one of his tweets:

“Look at Bitcoin's history. The more severe the dip, the more extreme the bounce. This has happened dozens of times in the past. But look at Bitcoin's year over year performance. Extrapolate, and you see that my prediction of $1 mil in 2020 is conservative.”

He followed up this post:

“Please God people - get a perspective about the market! The price of Bitcoin today is still higher than it was just three months ago! In a long term view, Bicoin is still climbing. Forget about these short term ups and downs. If you are a short term investor, you need to get real.”