The Federal Reserve raised interest rates half a percentage point earlier this week and Wall Street responded with huge gains in the stock market on Wednesday.
Bitcoin is mirroring the Nasdaq, said Edward Moya, senior market analyst at Oanda.
Many investors piled into bitcoin last year when it was priced between $32,000 and $36,000.
Some bitcoin investors are weighing other investing options and “moving their money back to the dollar, as a starting point, and then seeing what they’re going to do from there,” Kline said.
Bitcoin peaked at a price of $69,000 last November.