What goes up: Bitcoin has dropped back below $9,000

Bitcoin has dropped below $9,000 as the cryptocurrency extended losses posted earlier in the week after dipping under $10,000.

This morning, it was sitting at $8,658.07, according to industry website CoinDesk.

Earlier this week, regulators put digital assets back in focus, with the US Securities and Exchange Commission (SEC) saying it would require digital asset exchanges to register with the agency. That sent bitcoin's price dropping below the $10,000 level.

"If a platform offers trading of digital assets that are securities and operates as an 'exchange,' as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration," the SEC said.

It added that it had "concerns" that online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not.

Meanwhile, Japan's Financial Services Agency issued punishment notices to a number of exchanges in the country yesterday, according to Reuters.

Seven cryptocurrency exchanges were in the spotlight, with two ordered to suspend business, after scrutiny increased following a $350m theft of digital money from Tokyo's Coincheck earlier in the year.

Meanwhile, fintech leaders have plumped for ethereum as their cryptocurrency of choice, betting on its market cap to trump bitcoin's this year.

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