Bitcoin dropped below $ 7,000 on Wednesday as the prices of some major digital currencies dropped.

The world's largest cryptocurrency by market value dropped 8 percent to $ 6,782.64, according to data from the CoinDesk industry website, which tracks prices on a number of exchanges.

Greenspan, senior market analyst at eToro, said the move was less correlated with recent fears about the global trade war and more related to traders who evaluate assets in their portfolios and try to value them.

"I think there is a big link in how people manage their portfolios and cryptocurrency is increasingly correlated with the stock market especially in the last few weeks," he said.

Ethereum and ripple, the second and third largest cryptocurrencies by market capitalization respectively, both saw a sharp decline on Wednesday (4/4/2018). Ethereum fell more than 9 percent to $ 375.31 while the ripple dropped more than 10 percent to 50 cents.