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Bitcoin plunges 13% and falls below $9,000

The bitcoin train is off the rails.The cryptocurrency plunged 13% on Thursday and fell below $9,000. It's lost...

Posted: Feb 2, 2018 3:44 AM
Updated: Feb 2, 2018 3:44 AM

The bitcoin train is off the rails.

The cryptocurrency plunged 13% on Thursday and fell below $9,000. It's lost more than half its value since mid-December.

Price swings aren't unusual for bitcoin. This one came after the Indian finance minister, Arun Jaitley, reiterated the government's position that cryptocurrencies aren't legal tender.

India will "take all measures to eliminate the use of crypto assets in financing illegitimate activities," Jaitley said. He didn't say what those measures might be.

Once the price dropped below $10,000, the bitcoin bears came out in force, said Garrick Hileman, a cryptocurrency researcher at the University of Cambridge.

Related: Bitcoin falls below $10,000

Bitcoin went on a rocket ride last year, climbing from $1,000 to almost $20,000. But this year has been a different story as regulators scrutinize cryptocurrency.

"The market has been softening since the start of the year," Hileman said.

A "cacophony of bad news" has pushed bitcoin lower this month, said John Sarson, a managing partner at ETF Momentum Investing.

South Korean regulations took effect this week barring anonymous cryptocurrency accounts and instituting a minimum age for trading.

Facebook announced on Wednesday it would no longer allow ads promoting cryptocurrency, part of a crackdown on "financial products and services frequently associated with misleading or deceptive promotional practices."

Related: Facebook bans ads promoting cryptocurrencies

Bitcoin futures launched on the Chicago Mercantile Exchange and the Chicago Board Options Exchange in December. And investors hoped a bitcoin ETF might debut on a financial exchange in the United States.

But the SEC has warned about bitcoin's extreme volatility. Hileman said a bitcoin ETF is unlikely in the United States anytime soon.

On Tuesday, the SEC obtained a court order halting an initial coin offering from what claimed to be the world's first "decentralized bank."

--CNNMoney's Rishi Iyengar contributed to this story.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 557665

Reported Deaths: 7104
CountyCasesDeaths
Hennepin1161051683
Ramsey48076856
Dakota42704422
Anoka38757416
Washington25072274
Stearns21100219
St. Louis16883298
Scott16071117
Wright14862127
Olmsted1278097
Sherburne1068280
Carver986845
Clay784790
Rice7657102
Blue Earth699540
Kandiyohi629581
Crow Wing619886
Chisago551650
Otter Tail545273
Benton533897
Mower451332
Goodhue445572
Douglas444071
Winona439149
Nobles400848
Morrison396359
McLeod396055
Isanti380159
Itasca375553
Beltrami373557
Polk366567
Steele364114
Becker356548
Lyon349048
Carlton330752
Freeborn328529
Pine312721
Nicollet308342
Brown294839
Mille Lacs283850
Le Sueur271322
Todd269230
Cass250826
Meeker238137
Waseca231421
Martin213529
Wabasha19983
Roseau198019
Hubbard172541
Renville172543
Dodge17203
Redwood166535
Houston162514
Cottonwood157521
Fillmore15179
Pennington151219
Chippewa146737
Wadena145021
Faribault144219
Sibley136710
Kanabec132022
Aitkin128936
Watonwan12579
Rock123119
Jackson117610
Yellow Medicine110919
Pipestone110026
Pope10316
Murray10299
Swift100118
Marshall85617
Stevens82310
Lake78419
Clearwater77914
Koochiching77513
Wilkin77112
Lac qui Parle73622
Big Stone5654
Lincoln5602
Grant5518
Norman5229
Mahnomen5088
Unassigned48578
Kittson46822
Red Lake3877
Traverse3605
Lake of the Woods3073
Cook1460

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 358375

Reported Deaths: 5826
CountyCasesDeaths
Polk56091605
Linn20328330
Scott19153235
Black Hawk15566306
Woodbury14917221
Johnson1408481
Dubuque13169203
Dallas1090996
Pottawattamie10769162
Story1032447
Warren556986
Clinton538390
Cerro Gordo523486
Webster508391
Sioux506973
Marshall477274
Muscatine461596
Des Moines441965
Wapello4254120
Buena Vista421940
Jasper407870
Plymouth398179
Lee368555
Marion354875
Jones293355
Henry286437
Bremer279460
Carroll279352
Crawford262440
Boone258933
Benton250355
Washington249250
Dickinson242543
Mahaska225250
Jackson218242
Kossuth213163
Clay211325
Tama206771
Delaware203339
Winneshiek194733
Page190421
Buchanan188931
Cedar184623
Fayette183041
Wright180535
Hardin180142
Hamilton178249
Harrison176673
Clayton167155
Butler162534
Mills158820
Cherokee157138
Floyd155442
Lyon154941
Madison154319
Poweshiek152833
Allamakee149151
Iowa145724
Hancock143734
Winnebago136231
Grundy135432
Cass134854
Calhoun133211
Jefferson130935
Emmet128840
Shelby128637
Sac127319
Louisa127249
Appanoose126647
Mitchell125241
Union123232
Chickasaw122615
Humboldt118326
Guthrie118029
Franklin112921
Palo Alto111022
Howard102822
Montgomery100637
Unassigned10020
Clarke98324
Keokuk94830
Monroe94128
Ida89633
Adair84532
Pocahontas83721
Monona81230
Davis79924
Greene76710
Osceola75716
Lucas74923
Worth7118
Taylor65412
Fremont6149
Decatur5909
Van Buren55518
Ringgold53623
Wayne52123
Audubon4939
Adams3314
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