Monday, March 26: Cryptocurrency markets have accelerated the downward trend that started yesterday, and are currently in the red. Ethereum (ETH) dipped below the $500 level for the second time this month after reaching close to $600 on March 24. Bitcoin is below $8,000.

Total market capitalization has dropped to $303 bln at press time, the top-10 digital currencies listed on Coinmarketcap are in red.

While it managed to reach $9,000 on March 24, Bitcoin (BTC) has seen a 7.58 percent drop over a 24 hour period, trading at $7,990.84 at press time. BTC lost 22 percent of its value over the last month, according to Cointelegraph price index.

Ethereum, which lost 9.04 of its value over 24 hours, has dipped below $500 twice this month. ETH has lost over 45 percent over the past 30 days, and is currently trading at $480.46.

Cardano (ADA) and NEO have lost more than 12 percent over a 24 hour period, trading at $0.162 and $57.30 respectively at press time.

EOS, which previously saw almost 60 percent growth over a week, has lost 16.56 percent in the past 24 hours. At press time EOS is trading at $5.52.

After a week of growth, crypto markets are seeing a significant downturn that started yesterday. Last week, the US Internal Revenue Service (IRS) warned crypto investors to report their cryptocurrency earnings on their income tax returns, stating that virtual currency is considered property and is thus subject to federal taxes.