Reportedly, the drop in prices is caused due to the prompted warnings by experts and investors dumping it.
After falling to as low as $11,159, it regained some losses to trade above $14,000 on the Bitstamp platform, down 9 per cent on the day. It is down around 25 per cent this week.
This is its largest weekly loss since April 2013.
The biggest and best-known cryptocurrency in the market rose to fame after acquiring twentyfold since the start of the year, surging from less than $1,000 to $19,666 on the Bitstamp exchange and to over $20,000 on other exchanges. But it reported a continuous fall post that.
As per the President of Blockchain.com, Nicolas Cary, over 2,500 Indian Users trade cryptocurrencies every day.