Bitcoin's price dropped sharply for the second day in a row, despite recovering to past $10,000 after Wednesday's fall. Coinbase has hired a former New York Stock Exchange executive, the startup announced Thursday.

A subcommittee of the House of Representatives Financial Services Committee is set to hold a hearing next week on cryptocurrencies and ICOs. Litecoin and bitcoin cash are logical candidates for inclusion this year.

Bitcoin has reached 20-day low at $8,587 after having dropped for $500 within an hour. The promise of private ethereum smart contracts remains undiminished, though a conference this week showcased that challenges that persisting today.

New reports indicate that crypto mining firm Bitmain is quietly preparing to open new facilities in Washington state.Bitcoin's 28 percent drop this week has turned the tide in favor of the bears, but a sustained break below $8,000 looks unlikely in the short-run.