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Overbought conditions also surely played a role in bitcoin's Monday decline.

The blame this time can't be laid on macro jitters as stocks are up big again, with the Nasdaq and S&P 500 both more than erasing early August declines.

Large bitcoin investors haven't started to buy the dip yet, suggesting that the correction may continue for a while, an LMAX Group strategist noted.

Recent U.S. economic data could prompt more hawkish forward guidance from the Federal Reserve.

Recent U.S. economic data could prompt more hawkish forward guidance from the Federal Reserve.

The CoinDesk 20 index, which tracks major tokens minus stablecoins, slumped just over 4%.

BTC was down nearly 5% in the past 24 hours, reaching its lowest level in two months. The CoinDesk 20, a liquid index of the highest tokens by market capitalization, fell 7%.

Hong Kong's Hang Seng Index and the CSI 300 both responded to Beijing's plan to reboot China's domestic stock market, but bitcoin remains in the red.

Bitcoin's year-to-date return to volatility ratio is significantly lower than gold, according to analysis by Goldman Sachs.