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Bitcoin Prices Drops Below $8,500
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Bitcoin Prices Drops Below $8,500

Bitcoin fell below $8,500 during Friday afternoon Asia trade, extending losses seen earlier in the week when it fell below the key $10,000 level. The digital currency came under pressure earlier in the week after regulatory concerns in the USA and Japan.

At the time of writing the world’s largest cryptocurrency by total value was continuing Thursday’s decline into Friday’s trading session, dropping to a daily low of $8,342 on Bitfinex at 7:00 CET. Although at the time of writing the price had recovered slightly to $8,720.

The price drop followed a similar development Thursday wherein bitcoin dropped toward $9,000 after first trading steady at around $10,000. At a three-week price low, bitcoin now is down 37 percent down from its recent high at $11,767 on February 20,

Bitcoin came under pressure earlier in the week after the U.S. SEC said exchanges that offer trading of “digital assets that are securities” would have to register with the agency.

That statement on Wednesday came after weeks of subpoenas from the SEC in its attempt to establish better control over the many trading platforms and exchanges.

Japan’s Financial Services Agency issued punishment notices to a number of exchanges in the country on Thursday, Reuters reported. Regulators also suspended operations at Bit Station and FSHO for a month.

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