The flagship digital currency, Bitcoin, has lost over 7%, falling to $21,467, and Ethereum has fallen by 6.6%, trading at $1,726. The reasons for the plunge are not immediately clear.
However, Bitcoin was pushed down to a three-week low after surpassing the $25,000 level for the first time in two months. BTC went down 7.5% to hit $21,467 briefly, but then it quickly recovered to the present level of $21,774.
Ethereum went down 6.6%, touching the low of $1,723. By now, ETH has recovered a bit of its losses, sitting at $1,741.
In the meantime, over half a billion in crypto has been liquidated over the past 24 hours. Aside from Bitcoin and Ethereum, lots of positions on Dogecoin, ADA and SOL were liquidated.
A total of $8.6 million in DOGE, $6.7 million in ADA, $203 million in Bitcoin and $137 million in Ethereum were liquidated.
According to chief analyst at AvaTrade and Forbes, Naeem Aslam, shares of crypto companies Coinbase, Marathon Digital and Riot Blockchain have plunged, following Bitcoin.