Bitcoin falls another 8% as cryptocurrencies extend steep losses

Alec Monopoly painted a mural on a wall of the James L Knight Center in Miami, Florida, for the North American Bitcoin Conference.

Since hitting its November high, Cryptocurrencies have lost half of their value.

On Saturday, the world's most valuable criptocurrency fell 8% to trade just above $35,000. The coin hit a record high in November.

ether, the second-largestcryptocurrencies by market cap, sank nearly 10% to trade around $2,400.

The stock market fell on Thursday. Cryptocurrencies and traditional stocks have been falling in tandem this month, with investors concerned about how the Federal Reserve will affect the market.

A common investment case for bitcoin is that it serves as a hedge against rising inflation as a result of government spending, but analysts are saying the risk is that a more hawkish Fed may take the wind out of the market's sails.

There is concern that U.S. regulators will crack down on digital currencies.

Russia's central bank proposed banning the use and mining of cryptocurrencies. The officials argued that it posed threats to financial stability, citizens' wellbeing and monetary policy sovereignty.

The report was contributed to by CNBC's Weizhen Tan.

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