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Bitcoin drops below $9,000 in correction from mid-month peak

Bitcoin was down as much as 2.6 per cent and was trading at $8,653. in Hong Kong Thursday.

Bloomberg|
Last Updated: Feb 27, 2020, 04.43 PM IST
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Bitcoin
The largest digital currency is now down 17 per cent from its most recent peak on Feb. 12 when it was trading near $10,500.
By Eric Lam

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 per cent 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 per cent 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 per cent as other major tokens also declined, including Ether, Litecoin and XRP.

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“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 per cent 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.

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