Bitcoin failed to hang on to the $10,000 level on Thursday, after closing out its worst month in three years amid a series of setbacks for cryptocurrencies.

Bitcoin BTCUSD, +0.48% briefly slipped below $9,000 to hit a low of $8,563, according to Coindesk.comMost recently, bitcoin’s spot price was at 9,071 late Thursday in New York.

The No. 1 cryptocurrency slid 29% in January, its deepest monthly percentage fall in three years. The bulk of this week has seen bitcoin bouncing back and forth across the $10,000 level.

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Bitcoin has fallen about 14% this week from its recent high of $11,926.41 seen on Sunday. Tighter regulatory moves around the world have been a factor in the weakness bitcoin and other digital currencies have seen this year. In addition, Facebook FB, -0.89% announced this week that it will ban ads for cryptocurrencies and initial coin offerings.

“If there is going to be a fast tracked renaissance for this recently troubled asset class, it needs new funds from its mainly millennium investor pool,” said John Kicklighter, chief currency strategist at Daily FX, in a note to clients.

Given “fears over stability” from the asset class, Kicklighter said that is proving tough to do right now.

On the futures market, Bitcoin trading on the Cboe Global Markets Inc. CBOE, +2.14% for February US:XBTG8 slipped $875, or 8.8%, to settle at $9,080, while February bitcoin futures US:BTCG8 on the CME Group Inc. CME, -0.97% edged 0.6% higher, or $60, to end at $9,940.

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