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Bitcoin plummets below $8,000 for first time since November

Bitcoin and a dollar bill
Photo: Chesnot / Getty Images

Bitcoin's value dipped below $8,000 this morning — the first time since November 24, according to CNBC — just hours after the cryptocurrency made news after going under $9,000. After the news that Bitcoin had headed south of $9,000, CNBC branded the range of $9,000 to $10,000 as "a difficult one for bitcoin to break below" after its surge over $10,000 last year.

Why it matters: Bitcoin's fall comes with a simultaneous drop in cryptocurrencies worldwide thanks to fears of increased regulation of the technology — along with worries about market manipulation. The global cryptocurrency market cap fell by $100 billion in the past 24 hours with Ethereum and Ripple registering 22% and 32% drops respecitvely.

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