Bitcoin in a free fall ... so far more then 20%

The cryptocurrency hit a high of $11,432 Tuesday but had fallen 18.4 percent to near $9,319 as of 3:34 p.m., according to CoinDesk's bitcoin price index. Earlier Thursday, bitcoin's losses suddenly accelerated and the cryptocurrency hit a low of $9,075.87, down just over 20 percent over the last two days.

Bitcoin dropped below $10,000 Wednesday after news of compromised accounts on a major Hong Kong-based exchange and a statement from the U.S. Securities and Exchange Commission that expanded its scrutiny to cryptocurrency exchanges. News overnight from Japanese regulators added to those concerns.

Some analysts also attributed bitcoin's decline Thursday to technical factors. Bitcoin failed to break above a resistance level around $11,765 on Monday, "and has been in corrective phase since," said Robert Sluymer, technical strategist at Fundstrat Global Advisors.

"Yesterday as the exchange hack developed, bitcoin broke a key technical level that led to a collapse to its next support level he said.

The next levels of support are at $8,759 and $8,000, down about 5.8 percent and 14 percent, respectively, from Thursday afternoon's prices.

Source: CNBC
Trader-G.Bozhidarob

Read more:

• Bitcoin is changing hands for $24,000 in Iran, based on the “Official” exchange rate
• Tendayi Kapfidze: “bitcoin is a pyramid scheme
• Want to Invest in Crypto? Think About Buying Stocks
• According to this rumor: A single Bitcoin whale was responsible for the astronomical price hike in 2017
• Libra faces strong opposition and China embarks on a race to launch its own global cryptocurrency