Ether, the second-largest cryptocurrency, collapsed below the psychologically important level of $2,000 for the first time in nearly a month. It reached an intraday low of $1,976 on the Bitstamp exchange at 6:46 a.m. UTC.
Ether is now down more than 20 percent over the past week.
Alex DovbnyaOther major altcoins are also taking a massive hit at the time of writing. Ripple-affiliated XRP is currently trading at $0.69. Dogecoin is sitting at just $0.25.
Bitcoin is currently changing hands below $33,000.
The total crypto market cap has shrunk to $1.3 trillion.
China's ongoing crackdown on the industry is believed to be the main headwind that is putting pressure on the market.
The latest dip appears to have been triggered by Agricultural Bank of China, the third largest bank in the world, publishing and then deleting a statement about banning customers that deal with cryptocurrencies.
Yuri Molchan
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin