Bitcoin under $3,500 now! This cryptocurrency's journey is hair-raising

Bitcoin, the virtual currency which had made many millionaires after it witnessed a steep rise in its value last year has, since then, has made many others poorer by same amounts over the recent weeks.

In its latest plunge, Bitcoin fell 10 percent and set a fresh low at $3,447.58 on Sunday. This is the lowest Bitcoin price since September 2017, CNBC reported. The crypto currency rose to over $20000 in December last year.

The virtual currency has lost more than 35 percent of its value over seven days, according to CoinDesk. This is the crypto currency's biggest weekly drop in value since April 2013. The virtual currency fell more than 44 percent in April 2013.

In contrast to its November losses, October was stable. The virtual currency had been trading comfortably in the $6,400 range after a volatile year, while major US stock markets fluctuated.

Bitcoin’s year-to-date drop is more than 75 percent. Cryptocurrencies XRP and Ether were also down as much as 12 and 9 percent respectively, the report said.

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Regulatory crackdowns have weighed on prices in recent weeks. As part of a wide regulatory and legal crackdown on fraud and abuses in the industry.