Bitcoin’s (BTC) price has fallen below $75,000 U.S. as cryptocurrencies continue to weaken.
In early trading on Nov. 9, Bitcoin was down 2% at $74,500 U.S., its lowest level since late August of this year.
Other major cryptocurrencies were also sliding lower, with Ethereum (ETH) and XRP (XRP) each down 5% on the day.
Ethereum, the second largest cryptocurrency by market capitalization, is approaching the key support level of $2,000 U.S.
Analysts have said that Bitcoin needs to remain above $80,000 U.S. for a rally that began in late summer to continue and for the digital asset’s price to eventually reclaim $100,000 U.S.
However, crypto has been under pressure over the past two weeks following a record $6.3 billion U.S. theft at Binance and as investors flee richly valued technology stocks.
U.S. equities are staging a tentative recovery on Nov. 9, with the blue-chip Dow Jones Industrial Average up nearly 600 points in premarket trading.
However, crypto prices are red across the board to start the trading week as investors remain concerned about the security of digital assets in the wake of the Binance hack.
The theft at the world’s largest crypto exchange has raised concerns about threats posed by artificial intelligence (A.I.) and quantum computers.
Over the past week, investors have pulled more than $10 billion U.S. in crypto and cash from Binance’s exchange.
Bitcoin’s price is down 15% on the year.
