Bitcoin Falls to 1-Month Low Below $8K Amid Global Market Rout

The price of bitcoin has fallen to a one-month low below $7,900, amid a wider sell-off in the global financial markets.

As of writing, the price of the world’s largest cryptocurrency by market capitalization is changing hands at $7,837, the lowest in the past 30 days and a 10 percent decline on a 24-hour basis, according to CoinDesk’s Bitcoin Price Index.

The price decline comes as the global financial markets suffer a wider sell-off, with Brent crude oil dropping over 30 percent on Sunday, its biggest single-day decline since 1991.

Underscoring the severity of the global flight from assets perceived as risky is the drop in the 10-year U.S. Treasury yield below 0.5 percent for the first time ever, down over two percentage points from a year ago.

Bitcoin’s sudden price dip also comes as the network’s computing power and mining difficulty (a measure of competition among miners) are both expected to reach a new high in just five hours.

With more processing power chasing a less-valuable…