The bitcoin price hit a near one-month low on Wednesday of $2,272.32.
Bitcoin's market capitalization is off around $12.2 billion since it's all-time high of $3,025.47 on June 11.
Traders have cited the big rally and profit taking as well as the ongoing "scaling debate" as reasons for the bitcoin pullback.
Bitcoin hit a near one-month low on Wednesday and has seen more than $12 billion wiped off its value in the last 30 days, amid nervousness in the cryprocurrency market.
The price of bitcoin fell to $2,272.32, its lowest level since June 15, when it slumped to $2,185.96, according to data from CoinDesk. The price did recover on Wednesday slightly to a high of $2,354.41.
It's also significantly off the $3,025.47 all-time high reached on June 11, just over a month ago. In this timeframe, its market capitalization or value has fallen by $12.2 billion.
"I look at the charts, and to me that looks pretty scary,"
"I'm waiting for more downside before I rebuy, but frankly I'm even having trouble telling what it's going to do, which probably reflects the uncertainty in the market itself,"