Bitcoin touched a new 2018 low on Sunday, at $5,787, around 70% lower than its peak in December 2017, but has regained since then.
According to Bloomberg, the volatility of the largest cryptocurrency reflects increased scrutiny in the digital currency market by government regulators globally as well as central bankers' questioning about its viability.
Bitcoin is currently trading at $6,177.63, up 4.7 percent over 24 hours with a market cap of $105.73 billion, according to coinmarketcap.
The year's previous low was recorded at $5,920.72 on February 6. Bitcoin had reached near $20,000 a coin last year after the trading in bitcoin futures started.
The recent price move comes amid Japan's Financial Services Agency's new restrictions on cryptocurrency exchanges in that country. On Friday, the regulator ordered six major crypto exchanges to improve measures to prevent future money laundering and submit plans by July 23.
Bank for International Settlements or BIS in Switzerland recently said that bitcoin and other cryptocurrencies suffer from a range of shortcomings and it could break the Internet. The Central Bank overseer warned that the digital currencies are not scalable and could suffer a breakdown in trust and efficiency as more and more people use it.
Meanwhile, bitcoin bull Brian Kelly reportedly said that the digital currency is not dead. The drop is painful, but not unusual, he noted.
Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, said on CNBC's Fast Money, "This is not the funeral for bitcoin whatsoever... Let's put this in perspective..Do you know where we were a year ago? $2,500."
According to him, the fall in price reflects a combination of tax selloffs, multiple exchange hacks and about $10 billion funding initial coin offerings, among other things.
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