Bitcoin Is Back Below $10,000 as the Selloff Continues for the Second Day

Bitcoin has once again dipped below $10,000 on Thursday as cryptocurrencies face their second day of declines.

Over the past 24 hours, Bitcoin has dropped 7.5% to $9,840—with two-day losses hitting 13%. Other cryptocurrencies, including Ethereum and Ripple, are also showing substantial declines.

The fall comes after a statement from the Securities and Exchange Commission that if an exchange is trading digital assets that are considered securities, that company must register with the SEC. The group also said securities laws could apply to Bitcoin wallets.

Coinbase told Fortune said it didn’t believe it was affected since it does not list ICO tokens or securities.

“Coinbase complies with all applicable laws and regulations in each jurisdiction in which it operates,” it said. “Coinbase is one of only four companies operating under a New York state BitLicense, the only regulation specifically dealing with virtual currency trading. Under the current SEC guidance, Coinbase and the GDAX exchange are exempt from registration requirements as they do not list assets that could be considered securities, such as ICO tokens. As a company, we have always believed that consistent and clear regulation would only stand to benefit the growth of the cryptocurrency space and those that invest in it. We look forward to an ongoing conversation with regulators around this issue.”

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