Extending losses after a sharp selloff Wednesday, cryptocurrencies continued to fall Sunday after losses of more than $1 trillion. After reaching an all-time high in mid-April at nearly $65,000, the price of bitcoin has plunged more than 50%.

Bitcoin tumbled 12% overnight on Sunday. As of Sunday at 12:37 p.m. ET, the price of bitcoin was trading at $31,803. Other cryptocurrencies, such as Ethereum, also saw a sharp dip to $1,787.

"I expect BTC/USD to range around $38,000 for a while," George Clayton, managing partner at investment firm Cryptanalysis Capital, told Yahoo Finance on Friday.

At one point on Wednesday, bitcoin plummeted more than 30% to about $30,000, its lowest price since late January.

Declines continued after Thursday's announcement from the Treasury Department to require any transfer worth $10,000 or more to be reported to the IRS and with Tesla suspending accepting bitcoin for transactions. On Friday, the Chinese government pledged to "crack down on bitcoin mining and trading behavior."

Meltem Demirors, chief strategy officer at digital asset manager CoinShares Group, said Wednesday on CNBC that a cryptocurrency pullback is normal and that there is still "a lot of leverage, so this correction we've seen is healthy."

Bill Miller, chairman and CIO of Miller Value Partners, on Wednesday called the fluctuation of bitcoin "pretty routine."

"If I liked something at higher prices it is a safe bet I will like it even more at lower prices," Miller told CNBC's Kelly Evans in a statement.

"This bitcoin correction, while extreme if it happened to the equity market in such a short period, is right in line with moves we have seen many times in bitcoin."

The recent selloff has also lead to more warnings from cryptocurrency detractors.

"My bear case is that it's a giant pyramid scheme," Maciej Cegłowski, founder of Pinboard, told CNBC. "And people are getting sucked into it. Unfortunately, it's a pyramid scheme that has a core of true believers and a core of people that are really fascinated by technology, so it becomes difficult. It also has a group of very smart investors and all kinds of people who are heavily pouring money into it, so it becomes difficult to call it out. But I think it's very necessary to call it out because in the end, like every pyramid scheme, people are going to get hurt."

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