Bitcoin continued to fall on Monday afternoon, trading at its lowest level since mid-November.
The latest drop comes after banks in the US and UK said they would ban people from using their credit cards to buy bitcoin.
China and India crackdown
There were reports on Monday that the Indian authorities were mounting a crackdown on cryptos and the Chinese authorities were also considering additional measures to put an end to crypto trading.
China is reported to be planning to block access even to overseas crypto trading platforms.
As at 1530 GMT, bitcoin was just over 12% lower on the session, trading around $7,195.
It marks the continuation of a massive sell-off since bitcoin reached a peak of $20,000 in mid-December.
Bitcoin fell sharply over the weekend following news late on Friday that US banks such as JPMorgan Chase, Bank of America and Citibank were to bar customers from using their credit cards to buy bitcoin and other cryptocurrencies.
On Monday, UK bank Lloyds said it would also ban credit card purchases of cryptos.
Along with bitcoin, the other major cryptos sold off sharply, including ethereum, ripple and litcoin, which were all down by around 14%.
Lesser-known cryptos were even more impacted by the selling, with the likes of cardano and electroneum down by 20% and 24% respectively on Monday.
"Governments across the globe continue to clamp down on retail investors speculating on cryptocurrencies. We envisage this decline will continue, setting the next technical level at $5,000 a coin," said Miles Eakers, chief market analyst at Centtrip.