Early this morning, reports indicate that Bitcoin and other cryptocurrencies are continuing their downward slope and losing a staggering about of value by the hour.

As early as 8:30 am, Bitcoin was trading at $7,946, which has now entered into panic level mode outlined by industry professionals. The company fell by 12.48% within the last 24 hours, and its market capitalization also dropped to $134.9 billion. Most alarmingly, over the past seven days, Bitcoin lost 29.74% of its value; yikes. 

However, Bitcoin is not the only cryptocurrency feeling the burn, as Ethereum, Ripple, Cash, Cardano, Litecoin, Stellar, NEO, EOS, and NEM also dipped in value at an alarming rate. This drop was foreshadowed on Friday, as the cryptocurrency market experienced a loss of $112.6 billion amid concerns over stricter regulations and a widespread uncertainty regarding this budding industry. 

Further adding to this steep decline is news of market manipulation by cryptocurrency company Tether, who has now been subpoenaed by the U.S. Commodity Futures and Trading Commission as a result of this shady intrusion. 

Some industry insiders are not particularly alarmed by the news surrounding Bitcoin, as cryptocurrency expert John McAfee took to Twitter to calm the withering storm of negative press. The former cyber-security software producer is confident that the industry will be able to bounce back from this crushing blow.