Cryptocurrency investors have been bearish recently as prices of bitcoin sank 5.4% to around $43,000 per unit, the lowest in three weeks, according to Coindesk on Monday.
The cryptocurrency has also already declined by nearly a quarter so far this week. The entire market capitalization of all the digital assets fell more than 8% Sunday to $1.25 trillion.
The bitcoin and cryptocurrency market in general has shed roughly $400 billion since registering new highs last week as unease spread among traders.
Cryptocurrency asset markets were in the red across the board. Ether reached a low of $1,305, falling around 8%, while the native Cardano blockchain ADA - a surprise winner in recent days - lost 17% from a peak of $1.48 and is now trading around $1.21, CoinDesk 20 figures show.
ADA is currently the third-biggest cryptocurrency in terms of market cap. Tether, on the other hand, now holds the fourth spot and next to it is binance coin trading for $197 per unit.
Bitcoin's crash may be largely related to increasing bond yields and losses in the world's stock markets. The U.S. 10-year Treasury yield soared to 1.60% in a one-year high Friday, Coindesk said.
Bitcoin is volatile. In late 2017, the cryptocurrency 's price rallied to around $20,000 before diving to $3,000 one year later. Last year, its price fell below $4,000 in March before rising again through the summer.
Bitcoin began its latest bull run in October, breaking past its 2017 high in December as institutional investors showed renewed enthusiasm in virtual assets.
"Many companies have cozied up to bitcoin in order to associate themselves with its technological mystique...as ESG funds start to flee Bitcoin, its price will begin a downward spiral. Stay away," Bloomberg quoted BCA Research Inc.'s Chief Global Strategist Peter Berezin as saying.