2017.03.2221:47:00UTC+00Bitcoin Drops below $1,000 amid Heightened Pressure

Bitcoin traded below $1,000 on Wednesday as the virtual currency is facing intensified pressure.

The digital currency slipped 10.5% at $997 per coin, where it is now over 20% below its all-time peak touched earlier. No apparent factor or event ignited its decline. However, bitcoin trading has been highly erratic recently as traders digested a huge volume of headline risk.

Bitcoin skidded below the $1,000 level on March 10 as the SEC rejected proposals to create a bitcoin-focused ETF. The federal agency said the plan was inconsistent with a term in the Exchange Act, which mandates that the rules of a national securities exchange be created to protect investors and the interest of the general public.

The cryptocurrency swiftly regained its ground. But it plummeted four days on speculations that developers warned to establish another trading venue for the digital currency. It lost 20% last weekend and traded at $950, its lowest since last month.