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Bitcoin has fallen below the $4,000 threshold, posting a 7 percent drop at $3, 996 per coin.
The slide comes after a dramatic surge that drove the crypto currency's price to around $4, 500 on Monday.
The digital currency was riding a wave after the August 1 fork that divided the Bitcoin in two. The price of the cryptocurrency has risen 323 percent so far this year.
The e-currency's recent meteoric surge has grabbed the attention of analysts on Wall Street. In a note on August 10, Goldman Sachs said that the digital currency space is worth looking into.
Meanwhile, $25 billion money manager VanEck revealed a SEC filing on August 11 to launch a Bitcoin ETF.
However, the people in the cryptocurrency space are not viewing the decline today as an indication that a correction in prices has started. The head of BitMEX's business development, Greg Dwyer, said that the correction was expected. He said that the decline is a result of traders deciding to lock in their profits after the rally. He added that these kind of declines are part and parcel with the digital currency.
