Reuters Bitcoin plunged below $8,000 on Thursday.
- $4 plunged below $8,000 on Thursday, hitting its lowest level in nearly a month.
- The biggest cryptocurrency has dropped for seven straight days as investors funneled money into stocks, bonds, gold, and other assets.
- "The downward pressure is being caused by a divergence of investment strategy across all asset classes, which has created indecision and cautiousness," Luna CEO Marcus Swanepoel wrote in a note this week.
- $4.
$4 plunged below $8,000 on Thursday, hitting its lowest level in nearly a month.
The biggest cryptocurrency has dropped for seven straight days as investors have funneled money into mainstream assets.
"Volumes are low, no new money is coming into the ecosystem, and stocks/bonds/gold are all up double-digits year-to-date, which makes the non-crypto world lose focus on this emerging asset class," Jeff Dorman, the head of investment at asset manager Arca, $4.
"The downward pressure is being caused by a divergence of investment strategy across all asset classes, which has created indecision and cautiousness," Luno CEO Marcus Swanepoel wrote in a note earlier this week.
Mainstream rejection of cryptocurrencies could also be fueling the sell-off. Chinese regulators are cracking down on companies trading digital currencies, and Chinese social-media giant Weibo banned crypto giants Binance and Tron, $4.
PayPal's former president and tech investor Roelof Botha said Bank of America $4"$4," sparking conspiracies he was banned for trading cryptocurrencies. Moreover, R3 CEO David Rutter reportedly said Facebook's rollout of its Libra digital coin was "$4."
Bitcoin was down about 2.5% at $7,900 at the time of writing - a sharp decline from the $13,000 mark it hit in late June, and a fraction of its all-time high of around $20,000.