Bitcoin price falls below $8,000 and here is why this happened

The Bitcoin price saw an increase of $6,300 to $8,400 within weeks last month but seems like the good days for Bitcoin are over.

Bitcoin price has fallen to as low as $7,571 and it is quite worrisome for those who are invested in this cryptocurrency.

It is not just Bitcoin that has hit a low. Other cryptocurrencies are also shedding value in the same way.

Ethereum is down by 3.61 percent in the last 24 hours while Ripple is down by around 1.95 percent and Bitcoin cash is off by 5 percent.

South Korea one of the hottest markets for Bitcoin and cryptocurrency has been considering passing a law that would end tax benefits for cryptocurrency exchanges. Local authorities also believe that cryptocurrency transaction brokerage is not being effective in terms of generating added value.

A report from Wired magazine shed a light on issues and problems that many power-hungry Bitcoin miners are struggling with around the world as cities and governments look out for ways to manage the above-mentioned issue.

“These [minning] companies are using extraordinary amounts of electricity – typically thousands of times more electricity than an average residential customer would use” a spokesperson for the New York State Department of Public Service informed Wired.

The sheer amount of electricity being used is shifting the burden to customers in small communities due to a limited supply of low-cost hydropower.

A recent survey has been carried out last week that suggested the Bitcoin and cryptocurrency investment has a lot of room and potential to grow.