Bitcoin (available on Coinbase) price plummeted below the support level of $8000 for a third time today. The huge volatility in crypto markets wiped off more than $417 billion from the total market capitalization in the last month alone making this Bitcoin (available on Coinbase) price plunge one of the greatest yet.

Consequently, the broader selloff has pulled back the cryptocurrency prices at the lowest level in the last three months.

Bitcoin (available on Coinbase) price plunged below $8,000 during the Friday trade, and although bounced back above $9,000 over the weekend, it has again dipped below $8,000 today. After those dramatic swings, it is currently trading in the range of $7,400. 

How The Chinese Regulations Led the Bitcoin (available on Coinbase) Price Plunge:

China, which has recently expressed sTron (available on Binance)g concerns over the cryptocurrency trading, is now planning to impose a complete ban on domestic and international cryptocurrency trading platforms.

Based on the local media reports, the Central Bank of China is likely to block all platforms related to the issuance of initial coin offerings (ICOs) and cryptocurrency trading. Already, China has banned cryptocurrency trading in domestic markets. But now, the country has extended the concentrated efforts to foreign platforms too.