Bitcoin (BTC), the top cryptocurrency, has turned red on the monthly chart, wiping out its November gains.
This is the lowest level the cryptocurrency has seen since Nov. 6.
Ether (ETH) saw a steeper correction than Bitcoin, dropping to $4,249 earlier today.
The two largest cryptocurrencies are both down 10.8% from their recent record highs at the time of writing.
According to data provided by Coinglass, $287.84 million worth of longs has been liquidated in four hours.
Litecoin (LTC) and Chainlink (LINK) are down more than 10% over the past 24 hours, becoming the top laggards amid major altcoins.