Bitcoin falls below $10,000

Bitcoin keeps tumbling.The price of the volatile digital currency briefly dipped below $10,000 around 7 a.m. E...

Posted: Jan 17, 2018 11:42 AM
Updated: Jan 17, 2018 11:42 AM

Bitcoin keeps tumbling.

The price of the volatile digital currency briefly dipped below $10,000 around 7 a.m. ET on Wednesday, its lowest level since late November, according to data from CoinDesk.com.

It has dropped nearly 30% this week.

Other popular cryptocurrencies ethereum and ripple also have posted double-digit losses. One virtual currency exchange, Bitconnect, dived 93% late Monday.

It's unclear why bitcoin has had a rough week. Cryptocurrency is a murky market with frequent swings.

"Volatility is quite common in the cryptocurrency world," said Mati Greenspan, a Tel Aviv-based analyst at investment firm eToro, on Tuesday.

The plunge follows a Bloomberg report on Monday that Chinese officials were stepping-up measures to limit cryptocurrency trading, which is already banned on exchanges.

Related: What is bitcoin?

Investors in South Korea and Japan, the two largest cryptocurrency trading nations, were sitting on the sidelines Tuesday waiting for the regulatory uncertainty to clear before placing further bets, said Greenspan. He believes the light trading volume caused bitcoin's price to plunge.

Bitcoin approached a record $20,000 in mid-December as it launched on futures exchanges in the United States. But it has since fallen sharply on intense regulatory scrutiny.

Related: Hackers take advantage of bitcoin's wild ride

Trading is booming in South Korea, but officials began clamping down late last month.

South Korea banned opening anonymous virtual currency accounts and put in place new laws giving authorities power to shut down digital currency exchanges. Officials are currently weighing halting trading on exchanges.

--CNNMoney's Daniel Shane contributed to this story.

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 779491

Reported Deaths: 14893
CountyConfirmedDeaths
Los Angeles2585166330
Riverside566811153
San Bernardino51750858
Orange516461123
San Diego44007757
Kern31148340
Fresno27487355
Sacramento21171375
Alameda20364370
Santa Clara20129295
San Joaquin19793414
Stanislaus16229329
Contra Costa15640198
Tulare15517256
Ventura12167142
Imperial11534312
San Francisco1064096
Monterey933765
San Mateo9332142
Santa Barbara8803109
Merced8719133
Kings715877
Sonoma6987114
Marin6522112
Solano608555
Madera429658
Placer340741
San Luis Obispo333227
Yolo273253
Butte272033
Santa Cruz21758
Sutter163110
Napa159213
San Benito127211
Yuba11127
El Dorado10584
Mendocino82218
Lassen7310
Shasta66814
Glenn5483
Nevada5035
Colusa5026
Tehama4874
Humboldt4826
Lake43310
Calaveras30513
Amador28616
Tuolumne2204
Inyo18714
Mono1632
Siskiyou1600
Del Norte1351
Mariposa752
Plumas490
Modoc230
Trinity150
Sierra60
Alpine20
Unassigned00
Chico
Clear
75° wxIcon
Hi: 86° Lo: 58°
Feels Like: 75°
Oroville
Clear
72° wxIcon
Hi: 86° Lo: 58°
Feels Like: 72°
Paradise
Clear
75° wxIcon
Hi: 79° Lo: 59°
Feels Like: 75°
Chester
Broken Clouds
62° wxIcon
Hi: 73° Lo: 46°
Feels Like: 62°
Red Bluff
Clear
78° wxIcon
Hi: 87° Lo: 62°
Feels Like: 79°
Willows
Clear
75° wxIcon
Hi: 87° Lo: 59°
Feels Like: 75°
A disturbance moved over northern California and the rest of the Pacific Northwest this afternoon. It brought more gusty wind like yesterday, and cooler air, but only isolated rain showers. It will be much quieter this weekend with a late summer warmup.
KHSL Severe
KHSL Radar
KHSL Temperatures

Community Events