On Monday, bitcoin fell 10.11 percent at $2,275 a coin, a one-week low. The cryptocurrency is down about 16.6 percent since Wednesday’s opening print.
The decline seems to be attributed to rival Ethereum’s flash-crash from $296 to 10 cents on Wednesday before recovering its losses.
Bitcoin’s recent drop comes after the cryptocurrency had risen up to 200 percent since the start of 2017. This year’s gain has developed from heavy buying in China and Japan. China’s three biggest bitcoin exchanges announced they were allowing customers to begin withdrawals earlier this month, Japan named bitcoin a legal payment method in April, and Russia’s largest online retailer began accepting bitcoin.
According to Business Insider, however, many investors are skeptical about the rise of the cryptocurrency. The billionaire Mark Cuban called bitcoin a "bubble" as it hit its then-all-time high on June 6. "I think it's in a bubble. I just don't know when or how much it corrects," Cuban tweeted. "When everyone is bragging about how easy they are making $=bubble."
A week later, Goldman Sach’s Sheba Jafari, head of technical strategy, said that the bitcoin could drop as low as $1,915 before seeing a rally. It put in a low of $2,076 before rallying to $2,800.