Bitcoin fell by 8.9% to $34,156 at 10 a.m. GMT on Sunday, losing $3,344.54 from its previous close.

Axar.az reports that the world's biggest and best-known cryptocurrency is down 47.4% from this year's peak of $64,895.22 on April 14.

Ether, the coin linked to the Ethereum blockchain network, dropped 11.5% to $2,031.96 on Sunday, down $264.35 from its previous close.

Bitcoin had plunged on Friday, falling more than 11% after China's Vice Premier Liu He said his government will crackdown on the virtual currency's mining and trading activities.

China's Financial Stability and Development Committee, which is chaired by Liu, said on Friday it will resolutely prevent and control financial risks, and singled out Bitcoin as the asset it needs to regulate more.

His remarks came days after China banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading, according to three industry bodies.