Bitcoin's value is deteriorating rapidly, losing more than 9% of its market value on Saturday, causing it to plummet below the $35,000 threshold for the first time since July, trading data showed.

Data from the largest cryptocurrency exchange in terms of trading volume, Binance, showed that Bitcoin fell down to $35,400, losing 8.9%.

The CoinMarketCap portal that calculates an average price at over 20 stock exchanges said the largest cryptocurrency decreased to $34,900, losing 9% in the past 24 hours.

As of 15:00 GMT, Bitcoin returned to over $35,100.

2022 was not off with a great start for the world's largest cryptocurrency, as Bitcoin dipped below $40,000 on January 10, the coin's lowest price since September, as it shows no end to its volatility.

Ahead of the dip, Bitcoin had been caught in the Kazakhstan unrest after the internet was shut down in the former Soviet republic.

On Wednesday, the internet was turned down across the country. The blackout's impacts expanded further since Kazakhstan is considered a major player in the bitcoin world.

In early June, Bitcoin had started losing value due to concerns about its involvement in the Colonial Pipeline ransomware attack, through which the attackers caused a fuel shortage in Alabama, Florida, Georgia, North Carolina, and South Carolina.

It had an upward trend from August thereon when it topped $50,000 in a first since May, rebounding from its then-highest value of $64,000.