Bitcoin extended losses on Thursday after suffering its worst day for a month on Wednesday, with traders citing factors ranging from technical trading to jitters in traditional markets washing into cryptocurrency trading.

The biggest cryptocurrency fell 5.5% in early trade after slumping 7.7% a day earlier, when it dropped under $10 000 for the first time since August 1 and posted its biggest fall since July 16.

It was last down 1.7% at $9 859.

Traders said it was difficult to pinpoint the catalyst that triggered the losses.

Some cited selling caused by technical trading as bitcoin approached the widely-watched $10 000 mark. Others said nerves from the recent fall in global equity markets on fears of a…