Bitcoin price drops below $8,000 for first time since Nov. 24

Bitcoin’s value has dipped below $8,000 for the first time in 11 weeks in the midst of a broader cryptocurrency sell-off.

The volatile digital asset fell as low as $7,923 on Friday at 6:48 a.m. ET, according to Coinbase data. It dropped below the $8,000 level for the first time since November 24, according to CoinDesk, which tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex.

Multiple virtual currencies have dropped significantly as regulators voiced concerns about them and worries grew over suggestions that the price of bitcoin has been propped up by popular exchange Bitfinex.

On Wednesday, Indian Finance Minister Arun Jaitley warned against criminal activity associated with cryptocurrencies, and said that India would “eliminate” the use of cryptocurrencies in “illegitimate activities.”

That same day, The New York Times reported that an increasing number of cryptocurrency investors were concerned about the price of bitcoin other virtual assets being propped up by Bitfinex, one of the exchanges included in CoinDesk’s Bitcoin Price Index.

Both Bitfinex and Tether, the digital currency backed by the former’s executives, have been surrounded in controversy following the reports. Tether — which is pegged to the U.S. dollar — was down almost 1.9 percent on Friday.

This is a breaking news story. Please check back for updates.

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