The world's most popular cryptocurrency bitcoin was trading at $2,179 on Monday, losing nearly 20 percent of its value from the record of $2,791 last week.

As a result of a correction, $4 billion have been wiped off of the value of the digital currency, and bitcoin's market cap fell from $40.49 billion to $36.48 billion.

"The correction was actually quite brief, the prices today are still higher than that of a week ago," Bobby Lee, CEO of BTCC, a major bitcoin exchange company, told CNBC.

Lee went on to say that "the pullback was just a profit taking, a correction from the skyrocketing prices of last week."

The BTCC's CEO also said he believed that the correction is temporary and the price rise will continue because "the macro situation hasn't changed."