Crypto Market Extends Slide With Bitcoin Drop Below $87,000 (1)

The cryptocurrency market extended a more than a month-long retreat in Thursday trading, just as stocks surrendered the gains they had logged earlier in the day.

Market bellwether Bitcoin dropped more than 4% to below $87,000 for the first time since April, as the market struggled to find new buyers and the momentum that had supported prices earlier in the year evaporated. The pullback comes after weeks of unwinding among fast-moving traders and lingering positioning from October’s record run-up, which has left the market more vulnerable to selling pressure and sharp swings.

Bitcoin was trading below $87,200 at 5 p.m. ...