Bitcoin Today: Prices Drop Toward $9,000 as Analyst Offers Stark Warning

Bitcoin prices dipped to a five-day low on Tuesday as the bid for $10,000 faced continued obstacles. The No. 1 cryptocurrency by market value traded as low as about $9,150 in early action Tuesday, down from recent highs close to $9,965 over the weekend.

Here are the stories you can't miss in cryptocurrencies for Tuesday, May 8.

First Crypto Analyst Goes Cautious

DataTrek Research co-founder Nick Colas, who is widely regarded as the first analyst on Wall Street to cover cryptocurrencies, has changed his tune. In an interview with CNBC, Colas said the most widely held cryptocurrencies have started to lose their fundamental appeal. "It has come down quite a long way, and we're getting a lot of people asking is now the right time to buy," Colas said. "The short answer is now." Colas added that bitcoin's December 2017 rally to nearly $20,000 wasn't driven by inherent value, but rather by a "bubble based around the futures launch in December, and a lot of enthusiasm for the asset." Colas said the cryptocurrency space has become a waiting game, and it could remain as such for the next three to five years as investors regain interest when bitcoin becomes more real-world applicable.