The value of the cryptocurrency market stood at $1.61 trillion on Saturday, representing 11.8 percent decline over the last day and price crash culminated in a loss of over $350 billion in one day.
This is according to data on CoinMarketCap.
This is coming barely two months after the market value of the crypto market increased to $2.94 trillion, following Bitcoin’s record high of $68,000.
Bitcoin, the world’s largest cryptocurrency by market capitalisation, plunged below $35,000 — its lowest dollar value since August 2021.
The value of the cryptocurrency declined over 9 percent to $35,104 in the last 24 hours at 12.52 GMT+1 on Saturday.
On Friday, the price dropped to $38,147 after Russia’s central bank proposed to ban all cryptocurrency operations in the country.
Ethereum, the second-largest cryptocurrency by market cap, also dropped over 14 percent to $2,433.