Bitcoin (BTC) has fallen to its lowest level in 2022.
It is down more than 50 percent from its all-time price high.
This morning the cryptocurrency fell below $33,000 (£26,600) for the first time since July 2021, according to CoinMarketCap’s price index.
This marks the latest in a severe fall since it hit its peak in November.
Bitcoin is falling alongside many cryptocurrencies, as nearly $300billion (£240billion) has been wiped from the value of the currencies as a whole over the last four days.
Another major cryptocurrency Etherium (ETC) has faced a similar fate, matching the 13 percent price fall last week.
Others, however, have faced even worse.
Solana (SOL) fell by more than 16 percent over the last week, while Terra (LUNA) dropped by more than 25 percent.
Simon Peters, a crypto market analyst at the online trading platform eToro, said: “The concern now for cryptoasset investors is when the slide will end.
“The market is caught in the wider adversity of investment markets that are battling to decide where confortable levels are in the wake of interest rate hikes designed to quell soaring inflation around the Western world.”
Bitcoin traders and investors are reportedly experiencing “extreme fear” due to the falling prices.
The Crypto Fear and Greed Index analyses exchange data and online trends to assess overall market sentiment.
It currently sits at ‘11’, marking its lowest point since last year.