Among other cryptocurrencies, Ethereum also followed Bitcoin to dive by over 15%, sinking as low as $3848.23 in a day.
While the market has streamlined since the steep fall earlier this morning, the total crypto market cap fell from $2.6T on Friday to $2.07 on Saturday.
It simply means that due to ear of the depreciation of digital assets, investors have been trading to secure profits or simply exit the market to avoid total loss in case of a ban or other restrictions.
Another factor that has an impact on the global stock market, as well as the cryptocurrency market is the arrival of a new variant of the Coronavirus, i.e.
Most recently, the Union Finance Minister of the country, Nirmala Sitharaman clarified that the ministry has no plans to recognise Bitcoin as an official currency.