At around 13:00 UTC, bitcoin's price began dropping steadily, contributing to a 7 percent slide over the past 24 hours.
Exchanges including Coinbase and Bitstamp saw declines in prices from $9,270 to below $8,700.
Crossing below the $9,000 price level is a new low for February 2020.
Bitcoin has not traded below the $9,000 threshold since Jan. 27, when it began a march to new highs in the $10,500 range.
A flood of sell orders are sinking prices, as Coinbase hourly charts over the past 24 hours show.
The sharp bitcoin drop comes as the traditional financial markets are recovering from a major selloff.
Equities recovered a bit Wednesday, with the index showing a modest gain of half a percent by the midday.
The traditional safe haven, gold, has been relatively steady.
Its price has stayed in the $1,600 range so far this week and made a small gain Wednesday, up over $6 to $1,641 per troy ounce at press time.
"The fact that BTC could not rally in the face of the advance by gold prices and drop in equities was a 'tell,''" professional commodities trader Peter Brandt wrote in a recent tweet.
February Gains Disappear as Bitcoin Drops Below $9k
Publié le Feb 26, 2020
by Coindesk | Publié le Coinage
Coinage
Mentionné dans cet article
Nouvelles récentes
Voir tout
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.