Bitcoin slid through a key support level during the weekend to almost a four-month low, its lowest since January and a decline of more than 25% year to date .
Bitcoin price today slipped below $34,000 and was trading nearly 2% lower at $33,948.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also plunged more than 3% to $2,499.
The 90-day correlation coefficient of Bitcoin and the tech gauge now stands above 0.67, the highest such reading in Bloomberg data going back to 2010.