Bitcoin drops below $9,000

Bitcoin fell for a fourth day, taking it further below the $9,000 support level amid a wider sell-off in digital assets following a strong start to the year.

Bitcoin was down as much as 2.6% and was trading at $8,653 at 10:40 a.m. in Hong Kong Thursday, dropping to the lowest level in a month, according to consolidated pricing data compiled by Bloomberg. The largest digital currency is now down 17% from its most recent peak on Feb. 12 when it was trading near $10,500.

The Bloomberg Galaxy Crypto Index tracking a basket of cryptocurrencies tumbled as much as 5.7% as other major tokens also declined, including Ether, Litecoin and XRP.

“We are currently seeing a correction underway from a top reached around $10,500 a few weeks back,” said Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno. “Bitcoin’s safe-haven status is arguably not yet very well established. We’re looking at an overall bearish environment given coronavirus fears and Bitcoin was bound for a pullback anyway.”

XRP, the third-largest crypto, slumped almost 10% on Wednesday after Ripple Labs Inc. failed to persuade a judge to throw out a class-action lawsuit that the blockchain payment services provider said could topple the market for the currency.

Now read: Bitcoin plummets due to coronavirus sell-off

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Bitcoin drops below $9,000