Bitcoin is at its lowest level in two weeks due to technical issues and market concerns

He continued to record losses on Thursday after posting the worst daily performance in a month on Wednesday, with traders pointing out factors ranging from technical deals to traditional market concerns affecting cryptocurrency trading.

The largest cryptographic currencies fell 5.5% early in the session, after falling 7.7% the day before, when they fell below $ 10,000 for the first time since August 1 , the largest decline since July 16.

Bitcoin was traded for the last time with a 1.7% drop to $ 9859.

Traders say that it's hard to say what caused the losses.

Some suggest selling technical factors near the $ 10,000 level, which is widely watched. Others argue that the concern over the recent downturn in global stock markets due to fears of a recession has shifted to cryptocurrencies, although the exact nature of the correlation of digital money with stock markets remains controversial.

Last week, Bitcoin rose due to falling stocks, which prompted some enthusiasts to claim that they were acting as a safe haven, in the manner of gold or the Japanese yen. But market participants said the gains reflected their ability to make quick gains more than any safe haven.

Other major cryptocurrencies have also declined, including Ethereum and Ripple, which are generally strongly tied to Bitcoin.