Bitcoin continued to slide after a broader stock sell-off in the U.S. last week sent the cryptocurrency market into a frenzy and prompted the cryptocurrency to plummet by roughly 10%.

Bitcoin is now trading at its lowest level since late January. The virtual currency has been trading in a narrow range this year as it attempts to reclaim its highs of late 2021.

It is now down more than 50% from its peak price of $68,990.90 in November 2021.

The drop comes after the blue-chip Dow Jones Industrial Average lost more than 1,000 points on Thursday and the Nasdaq plunged by 5%. Those losses marked the worst single-day drops since 2020. The Dow and Nasdaq fell again on Friday.

"Overall markets remain under pressure from inflation and growth fears," said Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno.

He said that if bitcoin falls below $30,000, it could even drop further to $25,000 before any "significant" move back up.