Bitcoin fell below $9,000 Tuesday, the first trading day of May.
The cryptocurrency traded 3.9 percent lower around $8,880 as of 8:49 a.m. ET, according to CoinDesk's bitcoin price index. The decline followed a gain of about 33.5 percent for April.
There was no immediately apparent reason for bitcoin's drop, which began overnight. Bitcoin has struggled to claw back to $10,000 in the last several weeks and remains roughly 36 percent lower for the year.
Bitcoin over the last 12 hours
Japanese yen accounted for about 41 percent of bitcoin trading volume, according to CryptoCompare. U.S. dollar-bitcoin trading made up about 25 percent, and tether — which is pegged to the greenback — accounted for about 20 percent of trading volume.