Bitcoin falls below $10,000 as cryptocurrency 'bloodbath' enters a 2nd day

LONDON — Bitcoin fell to a six-week low on Wednesday as global cryptocurrency markets entered the second day of a sell-off.

Major coins are registering double-digit percentage falls. Bitcoin was down 12% to $9,936.69, while Ethereum plunged 16% to $884.68, at 11.55 a.m. GMT (6:55 a.m. ET), according to data on Markets Insider.

"Despite the fact that bitcoin has almost halved from its peak of $19,800 reached mid-December, it still remains 1100% higher than it was 12 months ago," City Index's Simon Revington said in an email. "However, we could be seeing an important loss of momentum, especially given that Bitcoin hasn't traded above $15,000 since Tuesday. $10,000 level is an important junction because it is a huge psychological level."

All of the major cryptocurrencies suffered double-digit falls on Tuesday in what commentators described as a cryptocurrency "bloodbath." The sell-off was thought to be triggered by concerns about regulation in the Asian market.

Ripple, the third-biggest cryptocurrency, was down almost 10% on Wednesday lunchtime, while bitcoin cash, the fourth-biggest cryptocurrency, fell 8%.