Bitcoin slid further on Wednesday, briefly dipping below the $61,000 mark after, continuing a sell-off that began after the cryptocurrency hit an all-time high last week.
At around 03:38 a.m. ET, bitcoin had bounced back to trade just over $62,900, down around 2.5% from 24 hours prior, according to CoinDesk data. The value of all digital coins in existence has plunged since bitcoin's all-time high and was down $210 billion as of Wednesday morning, according to data from Coinmarketcap.
"We've seen 20-30% pullbacks in previous Bitcoin bull markets as a normal occurrence when things start heating up. And we definitely had many signs over the past week of things heating up quite a bit," Vijay Ayyar, vice president of international markets and growth at crypto exchange CoinDCX, told CNBC.