Bitcoin was trading at $ 35,904 around 6 a.m. ET and has fallen more than 7% in the past 24 hours, according to data from Coin Metrics.
The world’s most popular cryptocurrency has tried to rebound after a week of turmoil that saw its price drop 30% to around $ 30,000 last week.
It briefly climbed back above $ 40,000 on Wednesday before losing some of those gains.
Elsewhere, the price of ethereum has fallen around 10% in the past 24 hours to $ 2,473 a coin, while the price of dogecoin has fallen around 6% to 31 cents.
Cryptocurrencies continue to divide opinion. In a 41-page memo last week, Goldman analysts shared their perspective on whether or not bitcoin and ethereum should be considered an asset class.
The latest price drop comes a day after longtime Bitcoin bull Cathie Wood, founder and CEO of Ark Investment Management, argued that bitcoin has a place in the world of deflation.
Emerging markets – where currencies are often closely tied to the cyclicality of commodity prices – could ultimately boost bitcoin’s outperformance, she said.
“I think what will happen when their currencies are under pressure, the speed of their money will increase as more and more of their populations switch to bitcoin and other cryptocurrencies and assets,” Wood said during from CoinDesk’s Consensus 2021 conference on Thursday.
The price recovered after Tesla CEO Elon Musk told Mondaay he spoke to bitcoin miners in North America about renewable energy solutions amid growing carbon footprint concerns of crypto. Elsewhere, hedge fund billionaire Ray Dalio revealed in an article published Monday that he owned bitcoin.
– Additional reporting by CNBC’s Maggie Fitzgerald.