After a staggering price rise to levels of $20,000 in mid December last year on some of the international crypto exchanges, the price of the top most crypto unit bitcoin since then has been hit hard due to various regulatory clampdown measures taken world across.
In Sunday's trade, while bitcoin reached to lows of $5787, in Monday's trading session, the currency has pared some of the losses and was seen trading last at $61.63.51.
Some of the reasons cited for the slump in bitcoin price include higher regulatory implications, ban in many of the countries, multiple hacking or theft and tax sell-offs etc.
Also San Francisco's Federal Reserve has attributed for the fall in price to bitcoin futures.
The report titled 'How Futures Trading Changed Bitcoin Prices' said . "The rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence".
This explosive growth ended on December 17, 2017, when bitcoin reached its peak price of $19,511. Notably, these dynamics aren't driven by overall market fluctuations", added the report.