Bitcoin falls below $10,000 level as safe-haven appeal wears off

Bitcoin traded lower on Thursday in Asia and fell below the key $10,000 level.

Bitcoin traded 3% lower to $9,954.0 at 1:50 AM ET (05:50 GMT). Ethereum was down 2% to $185.47, while XRP and Litecoin were down 0.5% and 1.8%.

It was discussed earlier this month as whether Bitcoin, the crypto king, is a safe-haven asset. it showed a high correlation to traditional haven assets such as Gold or the Swiss franc, and an equally high inverse correlation to risk assets such as stocks and industrial commodities.

The digital coin moved sharply higher when stock markets plunged on intensifying Sino-U.S. trade war and political unrest in Hong Kong.

Looking ahead, Bitcoin and other major cryptocurrencies are likely to be one of the talking points at the upcoming G-7 summit. Global leaders have previously expressed skepticism about cryptos.