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Crypto Market In Red....... Bitcoin Falls Below $8,000, Ethereum below $500

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Cryptocurrency markets have accelerated the downward trend that started yesterday, and are currently in the red. Ethereum (ETH) dipped below the $500 level for the second time this month after reaching close to $600 on March 24. Bitcoin is below $8,000.

Total market capitalization has dropped to $303 bln at press time, the top-10 digital currencies listed on major exchanges are in red.

Bitcoin managed to reach $9,000 on March 24, Bitcoin (BTC) has seen a 7.58 percent drop over a 24 hour period, trading at $7,990.84 at press time. BTC lost 22 percent of its value over the last month.

Ethereum, which lost 9.04 of its value over 24 hours, has dipped below $500 twice this month. ETH has  lost over 45 percent over the past 30 days, and is currently trading at $480.46.

After a week of growth, crypto markets are seeing a significant downturn that started yesterday. Last week, the US Internal Revenue Service (IRS) warned crypto investors to report their cryptocurrency earnings on their income tax returns, stating that virtual currency is considered property and is thus subject to federal taxes.

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