Bitcoin fell sharply Wednesday, touching lows against the dollar not seen since May.
The drop comes after a stable July for the cryptocurrency, and a strong run that has seen bitcoin hold above $560 since May 26. The slide began on Monday-the same day the Consumer Financial Protection Bureau announced new warnings about the digital currency-and accelerated Wednesday morning, according topricing data from CoinDesk.
According to CoinDesk, the currency has only once finished the day on more than a 5 percent change since May: Bitcoin rose almost 7 percent on June 30. Its last drop of over 5 percent was on June 12.
At its lows on Wednesday, CoinDesk's price index had fallen more than 6 percent on the day.
Still, some argue that the fall is part of an orderly correction for the notoriously volatile cryptocurrency.
In a blog post for CryptoCoinsNews, Venzen Khaosan argued that technical analysis predicted the current fall, with $525 as an expected bottom. News events, such as the CFPB announcement, he added, have not typically moved the market.
Bitcoin gets bit by a summertime swoon