Bitcoin and Ethereum, the two largest cryptocurrencies, are in deep red, plunging by 5.35% and 8.7%, respectively, over the past 24 hours.
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Earlier today, the crypto king slipped to $18,540, the lowest level since June 18 on the Bitstamp exchange. At press time, it is trading at $18,773.
After reaching the highest level against Bitcoin in 2022, Ethereum also took a bearish turn. The ETH/BTC pair has plunged by almost 6% from its Sept. 6 peak.
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The entire cryptocurrency market capitalization has now below the $1 trillion level.
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In a recent tweet, former BitMEX CEO Arthur Hayes says that he is not selling in spite of the sharp correction.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team