Bitcoin and other cryptocurrencies dropped into the red last night, and prices have continued falling today.
The most talked-about digital currency was trading 8.06 per cent below its previous closing price at $2,293.48, according to CoinDesk, which aggregates prices across several exchanges.
The volatile currency's latest loss marks a more than 26 per cent decline in price since it surged past the $3,000 milestone over the weekend.
Ethereum, the second most popular cryptocurrency, was trading 13.12 per cent lower at $345.44 after edging over $400 to new all-time highs earlier this week, according to CoinDesk's index.
Losses across a range of cryptocurrencies meant around $6bn was slashed off the market capitalisation over the course of a few hours, pushing the market cap back below $100bn, according to CoinMarketCap's data.
Earlier this week, banking giant Goldman Sachs wrote a bearish client note on bitcoin. The firm's chief technician, Sheba Jafari, said it was worth taking a look at bitcoin "due to popular demand", but it warned clients should be cautious of recent spikes in price, according to reports.
Jafari said he will consider re-establishing bullish exposure when bitcoin was between $2,330 and no lower than $1,915.