On Friday, Bitcoin, Ethereum, and other prominent digital currencies plummeted at near-record rates.

Bitcoin was trading at $35,422 USD on Coinbase, having dropped from its all-time high of $69,000 USD in November. Ethereum and Dogecoin went into freefall on Sunday, hitting new lows against the US dollar. Ethereum fell to $2,467 USD, a low not seen since November 2016, while Dogecoin dropped to $0.14 USD for the first time since April.

The value of bitcoin and other cryptocurrencies fell sharply. Binance Coin, Cardano, and Solana are just a few examples of other prominent coins that dropped significantly in value. According to Coinbase, the cryptocurrency market has lost 8.33% of its value in the last 24 hours.

CNBC also reported that investors, who had been hoping for a better start to the year following last year's record performance, are concerned about regulatory pressure and lack of adoption. Some analysts believe the sell-off is no reason to panic as it follows many months of significant growth. At this point, it's believed that the market has become concerned about regulatory ramifications.

The current market drop also follows weeks of debate over Twitter on whether or not crypto should be considered a new asset class. According to CoinDesk, CEO Jack Dorsey said he believes bitcoin will eventually replace all other fiat currencies like the dollar and euro. However, others are concerned about its use in illegal activities.

For instance, the U.S. Department of Justice is investigating whether or not cryptocurrency traders are manipulating prices through illegal operations with bots. According to CoinDesk, Brian Quintenz, a commissioner at the U.S. Commodity Futures Trading Commission (CFTC), said that his agency is investigating this issue as well.

Others say this drop could be just what the market needs before things continue to move forward, however. Bitcoin is currently at $3,873.07 USD (-10.28%). Ethereum is currently at 181.87 USD (-11.46%) and Ripple is at 0.3118 (+2.98%).