Bitcoin falls to its lowest level since September 2017, trading below $4,000

Bitcoin was trading below $4,000 on some marketplaces Saturday evening, the lowest level for the cryptocurrency since September 2017. On Coinbase, the largest exchange for cryptos in the U.S., bitcoin was trading at $3,820 at last check. The market for digital assets has been in a tailspin, shedding more than $70 billion in market capitalization since the middle of November. Guessing what's behind the market's losses can be considered a fool's game given its unpredictability. Still, some market participants say the Securities and Exchange Commission's recent clamp down on two initial coin offerings could be one reason behind this sell-off. As for what happens next, Stephen Innes, head of trading for Oanda Corp Asia Pacific unit, told Bloomberg last week he didn't think bitcoin has reached capitulation, adding "if we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits.”