Bitcoin falls below $8,000 for first time since June

Bitcoin extended its five-day losing streak on Thursday and dropped below $8,000 for the first time since June as a growing list of concerns weighed on crypto assets.

Bitcoin fell as much as 9% to $7,736 in New York, according to Bloomberg composite pricing, before bouncing off the lows of the day. The Bloomberg Galaxy Crypto Index that tracks a basket of cryptocurrencies slumped more than 8% as peer coins, including Ether and XRP, also sold off. That’s the lowest level since May for the index.

There is “no good catalyst to drive it higher," said John Spallanzani, portfolio manager at Miller Value Partners. Bitcoin was never able to regain the near-$14,000 highs it reached over the summer, he said, adding that the “market got tired and volume dried up."

Investors cited a variety of reasons for the slump that’s seen Bitcoin lose about 20% of its value since Friday. Some pointed to a lackluster reception to the first Bitcoin futures contracts that were offered by the Intercontinental Exchange Inc.’s Bakkt platform. Others pointed to the US Securities and Exchange Commission delaying a decision on a Bitcoin exchange-traded product. Still, others said the expiration of CME futures contracts set to take place this week is causing turbulence.