"There has been a general move to cash and bitcoin has been hit particularly hard," Charles Hayter, CEO of a price tracking service known as CryptoCompare, told Newsweek after the values plunged.
"It is reckless—and utterly false—to assert that Tether tokens are issued in order to enable illicit activity," executives at Tether said after a new research paper linked the firm to market manipulation.
Xi's speech may have suggested to investors that a potentially expansive consumer base for cryptocurrency could begin to open.
"I would say 95 percent of people in bitcoin are legit, but it's the 5 percent that kills you every time," Belfort said.
"I absolutely stand by the million-dollar prediction," he told Newsweek.
"If cryptocurrencies ever become mainstream, then prices could go a lot higher; if not, many become worthless."
The price of the cryptocurrency tanked to under $6,000 in the early hours of Tuesday. What will happen next?
Reports indicate that the price rise was attributed to bitcoin exchange traded funds (ETFs).
In March, the virtual currency was priced at more than $11,000 per coin. It has been on a downward trajectory ever since.
Bithumb, the sixth-largest exchange, has asked customers not to deposit funds into their digital wallets.
The value of the world's most popular cryptocurrency has plunged.
Following a low of $6,800, the price of a single bitcoin spiked by $1,000 in less than one hour.
The price of bitcoin tumbled to under $10,000, half of what it was worth only three months ago.
The price of bitcoin has fallen by $50 in the last 24 hours, dropping below $400 for the first time this year.