Bitcoin drops below $9,000 level for the first time since May
Bitcoin slid below $9,000 on Monday for the first time since May, joining a downdraft in global equities begun during Asia hours amid growing concern about the risks of a second wave of coronavirus infections.
The largest cryptocurrency tumbled as much as 5.1% Monday and recovered to about $9,100 as of 8:55 a.m. in London, according to consolidated pricing data from Bloomberg. For the first time since the end of April, the token dipped below its 50-day moving average, a level that’s considered a point of resistance for some traders.
Bitcoin has flirted with $10,000 since May, failing to sustain a rally above that key psychological level after the closely watched “halving” industry event that reduced the amount of the cryptocurrency earned by miners.