Bitcoin fell 6.4 percent to $58,777 by 2218 GMT on Tuesday, its biggest drop since the turmoil that rocked global markets on Aug. 5.
The world's largest and most popular cryptocurrency has thus fallen 20.3 percent from its highest level this year of $73,794, which it recorded on March 14.
In a related context, the Ether currency fell by more than 7 percent, but it reduced some of its losses to trade at around $2,466, a decline of 4.6 percent.
Cryptocurrencies received a boost last week from comments from Federal Reserve Chairman Jerome Powell, who clearly indicated that the US central bank was on its way to cutting benchmark interest rates from their highest level in more than two decades.
Over the year, Bitcoin is still up 39 percent. Ether is up 7 percent.
