Bitcoin Crashes Below $8,000 As Crypto Rout Accelerates

Things are going from bad to worse for Bitcoin and for cryptocurrencies in general.

Yesterday, the dour news continued to pile up when India’s finance minister Arun Jaitley said this about cryptocurrencies in his budget speech:

The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system.

That came hot on the heels of last Friday’s Coincheck theft and this week’s news that the CFTC subpoenaed Bitfinex and Tether.

Well now, Bitcoin has fallen below $8,000 in Coinbase pricing:

And in Bloomberg pricing:

• BITCOIN FALLS BELOW $8,000 FOR FIRST TIME SINCE NOVEMBER

For once, Ethereum isn’t immune. Indeed, the entire space is similarly afflicted on Friday and if you chart the declines since the Coincheck theft, the picture is not pretty:

For whatever this is worth, Nouriel Roubini was out with some rather foreboding tweets on Friday. To wit:

Bitcoin is the biggest bubble in human history: much bigger than the Mississippi, South Sea, Tech & Tulip bubbles. The Mother Of All Bubbles is now crashing: down 60% from its December peak & still crashing. Will discuss it today with @tomkeene on @BloombergTV from 6am to 7am EST pic.twitter.com/WStGJiRySe

— Nouriel Roubini (@Nouriel) February 2, 2018

Bottom line: it ain’t lookin’ good, folks…