Bitcoin's price has dropped by 55% since its peak.
The cryptocurrency market has resumed its downward trend from last week, tracking the stock market's decline.
According to CoinDesk, the world's largest cryptocurrency, bitcoin, plummeted to $30,641 on Monday afternoon, down 11% from Sunday at 5 p.m. EDT. Bitcoin's price has dropped 55% since November's all-time high of $67,802.
It is on track to have the worst five-day stretch since the five days ending March 16, 2020, when it dropped nearly 38%.
Ethereum, the second-largest cryptocurrency, fell to $2,271.24 on Monday, nearly 11% lower than the price on Sunday evening.
Bitcoin and other cryptocurrencies are notorious for their wild price swings. Individual investors dominated the market for many years, but institutional investors such as hedge funds and money managers have begun to take over.
The cryptocurrency markets have been increasingly mimicking the stock market, which has recently been trading in the red. Stocks fell sharply on Monday, as the market's sell-off continued following the Federal Reserve's announcement of its largest interest rate hike in more than 20 years last week.