At 8:30 AEST, Bitcoin had softened to $21,000, down from last week’s rally price of $24,900.
Peters said crypto’s biggest coin also suffered a “double whammy effect” of liquidations on long positions on the futures market.
Despite hype from proponents, Bitcoin has turned out not to be an asset that performs well when inflation pressures are mounting and interest rates are spiking.
Bitcoin prices have plunged more than half this year, but there has been a solid rebound over the past month.
Prices stabilised around the $23,000 to $24,000, after plunging below $20,000 in June.
“While last week’s pullback will no doubt be of frustration to investors, there is plenty of activity happening in the cryptosphere,” Peters said.
Alphabet beat the likes of BlackRock, Morgan Stanley and Samsung, which between them invested around $4.3 billion across projects, the report said.
Peters said the report showed, despite recent price volatility, crypto is here to stay.