Bitcoin fell below $9,000 during Friday afternoon Asia trade, extending losses seen earlier in the week when it dropped below the key $10,000 level.
The cryptocurrency fell as low as $8,370.80, down 24 percent for the week, according to CoinDesk’s bitcoin price index. Bitcoin recovered to near $8,995 as of 8:02 a.m., ET.
That’s still a loss of about $2,000 for the week. Bitcoin failed to break above a key level near $12,000 on Monday that technical analysts were watching after a slew of negative headlines hit the cryptocurrency market this week.