So what's driving the crash?
Several factors caused the latest dramatic dip, analysts said, including increased scrutiny from US authorities.
They said the US Securities and Exchange Commission (SEC) was partly to blame for the recent sell-off, with the delay in its approval of new bitcoin instruments, as well as for its investigations of initial coin offerings and crypto exchanges.
A delayed launch of the widely-anticipated bitcoin futures by Bakkt, Intercontinental Exchange's crypto platform to January 2019 did not help matters either, according to Aditya Das, analyst at Brave New Coin, a crypto asset market data company.
"These factors coupled with lukewarm network fundamentals and reports of falling adoption of crypto as a tool for services such as payments, have led to strong selling pressure against a lack of buying resistance, to a point of apparent capitulation," he said.
