Bitcoin lost more than 13% on Wednesday and traded below the level of $9,000.
Bitcoin traded at $8,588.4 this morning while it also saw a major dropped of 21% to $8,090.6 at one point to become the most significant intraday drop since January 2018.
The launch of Bitcoin futures by Bakkt and a general risk-off mood are considered to be a significant factor for that drop.
Also, Bitcoin's network hash rate dropped by 40% overnight.
Moreover, weakening investor sentiment and the falling equity markets are adding additional pressure on Bitcoin. Global political concerns in the U.S. and the U.S. - China trade disputes are also making its presence felt in the financial market.
Following the same trend, other cryptocurrencies dropped as well. Litecoin lost by 18% to $56.724, and Ethereum declined by 18.6% to $169.92. Similarly, XRP fell by 11.5% to $0.24024.
Alibaba unveils self-developed A.I. chip
Alibaba Group Holdings Ltd revealed on Wednesday its new chip that specialises in machine-learning tasks that will be used to enhance its cloud computing division.
This new A.I. chip, Hanguang 800, is being used within Alibaba to power product search, automatic translation, and personalised recommendations on the e-commerce giant's web sites.
The Hanguang 800 is an important step to develop next-generation technologies and boosting computing capabilities that will drive Alibaba's businesses by being energy-efficient.
Alphabet Inc and Facebook Inc are also developing their chips to improve performance of A.I. tasks at their respective data centres.
So far, Alibaba commands around 47% of the market for cloud infrastructure services in the first quarter of 2019 in China.
Gold Futures Retreated
Gold futures traded lower on Wednesday.
On the Comex division, gold futures for delivery in December went down by 0.20% to trade at $1,537.15 per troy ounce.
Moreover, the U.S. Dollar Futures Index rose by 0.18% to trade at $98,102 against the six other major currencies.
Elsewhere on Comex, Silver for December delivery dropped by 0.16% to $18,598 per troy ounce while Copper for December delivery gained by 0.19% to $2.608 a pound.