Bitcoin was down by eight percent while Ethereum also tanked by 21 percent. Binance Coin, XRP and Cardano were also down by double digits. Dogecoin also dropped by nearly 20 percent in the last 24 hours.
Edul Patel, CEO and co-founder of Mudrex, said: “The markets are currently dragged down by bears.
“Although this was not a major panic selling session, the momentum prevailing across the markets is pretty bearish.
“BTC is toying with the $33,000 level. ETH fell below the $2,000 mark creating a sense of scare across altcoins.
“This sort of volatility can be expected to continue throughout the week.”
This week analysts warned cryptocurrency prices were “in danger” following China’s brutal crackdown of crypto mines.
Adam James, senior editor at Hong Kong-based Bitcoin and crypto exchange OKEx, said China Bitcoin and Ethereum miners dumping CPUs is not a “surprise”.
He said: “[It] doesn’t come as a surprise given the fact that China seriously cracked down on Bitcoin mining in the country but the development may be interpreted as fundamentally bearish, nonetheless.”
Alex Kuptsikevich, FxPro’s senior financial analyst, added: “There is a summer lull in the crypto market which may just be the calm before the storm.
“If the market is affected by a small number of open positions, then any small storm could turn into a large-scale sell-off, disrupting an avalanche of stop orders.
“But the most alarming thing for crypto-enthusiasts is that such an outcome will underscore the prolonged nature of the correction, increasing speculation around a new ‘crypto winter’ like in 2018.”
Back in May, the Bitcoin price crashed, losing 50 percent of its value and has continued to remain under pressure.
Ethereum, the second-largest cryptocurrency, also fell by more than half, with prices struggling to hold above $2,000 per ether token.
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