Bitcoin slumped back under $10,000 on Thursday with a possible knock-on effect across cryptocurrencies in general as all major currencies slipped into the red.
According to CoinMarketCap data, all of the top 100 cryptocurrencies by market capitalisation - bar nano, dentacoin and tether - are in the red today.
Bitcoin has dropped over 8% in the past 24 hours and as of writing, dropped to $9,968.72 down from the recent high of $11,958 hit on February 20.
“Bitcoin continues to be volatile as ever, having almost doubled in price in two weeks since bottoming around $6,000 on 6 February,” Craig Erlam, Senior Market Analyst at Oanda said in a note.
“It now finds itself testing $10,000 from above, a level that is providing some support in the near term. Sentiment remains extremely fragile in cryptocurrencies and I’m not convinced it’s yet recovered from what was a nasty selloff around the turn of the year.”
Ethereum was down 4.2% at $814.77, Litecoin is down 7.62% at $198.13 and Ripple has slipped below $1, trading at $0.94, down 9.83%.
The news comes as the UK Treasury Committee said it was launching an inquiry into digital currencies to assess the potential risks and benefits bitcoin and alternative cryptocurrencies could bring to individuals, businesses and the Government.