Other crypto tokens also followed the downward trend. Ether dropped 6.43 percent to trade at $3,488, Binance Coin lost eight percent of its value to trade at $564 and Solana lost 4.6% of its value to trade at $184, CoinDesk data announced.
The recent fall is being attributed to profit-booking and the US inflation data release, while there are projections of losses in the next few days.
There are a few analysts who predict future losses in the coming weeks before the price of bitcoin recuperates, livemint.com reported.
Some investors are doing profit booking, which brings to question whether there will be sufficient number of buyers at this price levels or whether they would like to wait for further correction to happen, reported CoinDesk quoting Alex Kuptsikevich, a senior market analyst.