The cryptocurrency market continued its slump on Tuesday, with Bitcoin plunging 8 percent in value. This marks the fourth consecutive decline in the past five days for the world’s most popular digital currency, pushing its market capitalization down to $331 billion. The slide has been attributed to a number of factors, including heightened regulatory scrutiny, increasing competition from other cryptocurrencies, and the recent drop in the value of the US dollar.

Bitcoin Plunges 8%: Cryptocurrency Market Slumps

The price of Bitcoin dropped 8 percent on Tuesday, marking the fourth consecutive decline in the past five days. This puts the world’s most popular digital currency at its lowest level since February 8, 2021. The sharp decline also pushed Bitcoin’s market capitalization below $331 billion, down from its recent high of $364 billion on March 10.

The sell-off comes amid mounting concerns over the future of cryptocurrencies. Some analysts have attributed the slide to heightened regulatory scrutiny, while others point to increasing competition from other digital currencies. The US dollar’s recent decline has also been cited as a potential factor in the cryptocurrency’s slide.

Crypto Slide Continues: Bitcoin Falls Further

The recent slide in Bitcoin’s price has raised questions about the future of the cryptocurrency. Despite the recent downturn, some analysts remain confident that Bitcoin will remain a viable asset class in the long-term. Still, it’s clear that the digital currency is facing serious headwinds at the moment.

The market’s sentiment towards Bitcoin has been further dampened by the entry of institutional investors. As the cryptocurrency’s volatility has attracted more institutional investors, the risk of a further slide in its price has also increased. This could spell further trouble for Bitcoin in the near future.

Overall, the recent slide in Bitcoin’s price continues to put pressure on the cryptocurrency market. The currency’s future remains uncertain, and it will likely take some time before investors regain confidence in the digital asset.