The price of Bitcoin (BTC-USD) slumped on Thursday after days of consolidation and low volatility.
The world’s most popular cryptocurrency fell as much as 7% to $32,408 (£23,521), down more than 40% since its $64,000 peak in April as pressure mounted.
Over the last week bitcoin has failed to break above $36,000, but it has also managed to keep above $32,000, bouncing between the narrow range. It has recently been unable to either break upwards or correct downwards.
The crypto market has struggled to recapture the momentum seen earlier in the year. A record high for bitcoin spurred the broader market to reach a value of more than $2tn.
Today the cryptocurrency market is worth $1.4tn, a 6% decrease over the last day, according to the latest figures from CoinMarketCap.
Bitcoin's high was driven by increased institutional adoption and boosterism from the likes of Tesla (TSLA), as well as several organisations including MicroStrategy (MSTR), which invested billions of dollars into cryptocurrencies.
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Cryptos have faced staunch opposition from governments and central banks which have been keen to regulate digital currencies.
The UK's Financial Conduct Authority (FCA) has previously warned that if consumers invest in cryptoassets "they should be prepared to lose all their money". Last month the FCA issued a warning to consumers that one of the world’s largest bitcoin exchanges was not permitted to undertake regulated activities in the UK.
It ordered Binance Markets to remove all advertising and financial promotions by 30 June.
The company was required to make clear on its website, social media platforms and all other communications that it is no longer permitted to operate in the UK, and must not carry out any regulated activities in Britain without prior consent.
Two days ago, Barclays (BARC.L) said its customers will no longer be able to make credit or debit card payments to the crypto exchange after the ban.
The bank said: “Barclays intends to stop credit and debit card payments to Binance. This action does not impact on the ability of customers to withdraw funds from Binance. The decision has been taken following the FCA warning to consumers, to help keep our customers’ money safe.”