Bitcoin extends slide with a more than 10% fall

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The market has been having many setbacks with a recent attack on a Japanese exchange which saw it lose about $530 million.

"We view this selloff positively as we believe that lower prices will entice institutions to act quickly to adopt enhanced digital asset services before prices recover".

The Bitcoin market still remains unpredictable since there is no a central governing body.

Bitcoin has fallen heavily in recent sessions as worries about a regulatory clampdown on the nascent market and panicked investors push prices lower.

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Those who missed out on the 2017 rally may be feeling even more vindicated this morning to have sat out the cryptocurrency phenomenon, but even at current levels, Bitcoin is still up more than 600% from the start of 2017.

Other digital currencies also rose after posting steep losses the last few weeks. Ethereum, the second-largest by market value, was up 1.8 percent over the past 24 hours at $751.48, while the third-largest, Ripple, edged up 0.5 percent at 73 USA cents, according to cyrptocurrency tracker

The heads of the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission are also set to testify before the Senate Banking Committee on Tuesday.

The cryptocurrency is down almost 64% since hitting an all-time high above $19,000 in December.

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"I think regulators need to learn how to interact with this technology and not stop this", Bloq's Roszak said.

After a massive run-up a year ago, in which investors across the world piled into the market, cryptocurrency prices have skidded lower while regulators have stepped up warnings about the risk of investing in them.

Regulatory clampdowns in South Korea and India and an advertising ban on Facebook have hit sentiment.

Aaron Lasher, the chief marketing officer of Breadwallet, a cryptocurrency wallet company which said it would allow customers to use credit cards to buy crypto on its platform on Monday, said such bans would be bad for crypto.

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There are only really three advantages of Bitcoin and other cryptocurrencies, one is the ability to mine money for free, the second is pure speculation hoping to profit as values soar and the third advantage is the lack of regulation and ease of paying anyone anywhere in the world with no currency transfer fees.