Bitcoin dropped 12.1% to $23,366 at 2002 GMT on Monday, losing $3,218.95 from its previous close.

Bitcoin, the world's biggest and best-known cryptocurrency, is down 51.6% from the year's high of $48,234 on March 28.

Ether, the coin linked to the ethereum blockchain network, dropped 13.62 % to $1,237.72 on Monday, losing $195.18 from its previous close.

(Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Maju Samuel)