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Bitcoin plummeted to $57,000 (78 million won), weighed down by large selloffs by U.S. investors amid a lack of factors that will increase its price, market watchers said Monday.

They say the lackluster downward price movements are explained by the large offloading by so-called whale investors. Many anticipate Bitcoin could see further declines in the months to come, influenced by the U.S. tech sector's outlook, the U.S. Federal Reserve's rate path and the upcoming U.S. presidential debates.

The digital coin traded at 78.33 million won around 9 a.m. on Bithumb, a Korean crypto exchange. It was a 0.72 percent drop in value from a day earlier.

Ethereum dropped to around 3.3 million won on Bithumb and Upbit, another Korean crypto exchange. The figure was down about 3 percent.

The "kimchi premium" remained in the 2 percent range. This is a recovery from the previous low of near zero at the end of July. The figure was significantly down from over 10 percent in mid-March when the digital coin exceeded 12.4 million won in value.

The premium refers to the gap in the digital coin prices between Korean exchanges relative to offshore exchanges. The higher the figure, the stronger the demand from investors in Korea.

A CryptoQuant report said Wednesday that the deposits with spot exchanges increased immediately before the price drop, ascribing some of those to whale investors holding 1,000 to 10,000 Bitcoins.

Ali Martinez, a noted cryptocurrency market analyst, said last week that the price levels can be lowered.

The collective selling by Bitcoin whale investors can lead to similar moves in other major cryptocurrencies, Martinez said, forecasting the selling pressure to increase unless demands for buying from a large group of investors.

Martinez said the $55,450 level will be of critical importance when the behavior of users on the cryptocurrency exchange Binance is examined.