The continuous downfall in the cryptocurrency is still going strong towards the end of 2018 as the biggest crypto money in the market, Bitcoin plunged deeper over the weekend. Bitcoin slipped to as much as $3,456, posting around 5% downfall during Sunday midnight in New York, as per Bitstamp.

However, Bitcoin later recovered most of the losses but still is trading below US$ 4000 mark. The major crypto has lost 33% in the past week and 75% this year. This has created an avalanche for other cryptocurrencies as well, as these digital money just went through their worst week ever.

Bitcoin has fallen 82% below its high of $19,666 from almost a year ago. Ripple has also declined 5.3% to 35 cents and is about 90% below its peak. So far the digital currency ecosystem has shrunken by US$ 700 Billion and there seem little to no signs of recovery.

The reasons for the massive decline in the cryptocurrency market can be attributed to an increase in scrutiny from regulators. Stephen Innes, trading head for the Asia Pacific at Oanda Corp. said, “There’s still a lot of people in this game. If we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits.”

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