Bitcoin drops 12%, falls below $10,000

amid broad cryptocurrency sell-off

 Bitcoin plunges 12 percent to $9,817, according to CoinDesk.
 Ethereum, ripple, stellar and other cryptocurrencies also sell off.
 Benjamin Roberts, co-founder and CEO of Citizen Hex, an ethereum-focused start-up, attributes the
declines to uncertainty around bitcoin's ability to improve transaction efficiency and the future
development of ethereum.
Evelyn Cheng | @chengevelyn
Published 11:49 AM ET Tue, 30 Jan 2018 Updated 9:58 AM ET Wed, 31 Jan 2018CNBC.com

Bitcoin and other top cryptocurrencies are taking a tumble 5:22

PM ET Tue, 30 Jan 2018 | 01:07

Digital currency bitcoin fell Tuesday as the 20 largest digital currencies by market
capitalization all declined, according to CoinMarketCap.

Bitcoin traded 12 percent lower near $9,817 as of 1:19 p.m. ET, according to CoinDesk's
bitcoin price index, which tracks prices from digital currency exchanges Bitstamp, Coinbase,
itBit and Bitfinex.
Bitfinex was subpoenaed by the U.S. Commodity Futures Trading Commission on Dec.
6, Bloomberg reported, citing a source, midday Tuesday. Tether, which claims to link its
coins to major government-backed currencies, was also subpoenaed, the report said. The
companies and the commission did not immediately respond to a CNBC request for
comment.

Total market cap of cryptocurrencies, excluding bitcoin, over the last seven days

Source: CoinMarketCap

Ethereum, the second-largest digital currency by market cap, traded about 9 percent lower,
near $1,073, according to CoinMarketCap. The third-largest cryptocurrency, ripple, fell about
nearly 10 percent to $1.19, the website showed.