Unfortunately for traders the crypto meltdown has intensified over the last 24 hours and further heavy declines are being seen across the board on Wednesday morning.
This has reduced the value of the entire market by another 15% to US$140.6 billion according to Coin Market Cap.
What has been happening?
Experts are still somewhat perplexed by the crypto selloff and continue to look for explanations.
According to Forbes, it believes the selloff has been caused by two things; regulatory pressure and disagreements in the coin developer community.
In respect to the former, last week the U.S. SEC warned the crypto world that it has the final say over anything resembling a security.
The regulator went on to issue civil penalties against two cryptocurrency companies because they failed to register their initial coin offerings as securities. The penalties will see the companies refund money and face large fines.
And in respect to disagreements in the coin developer community, the recent Bitcoin Cash hard fork has many traders worried.
In layman's terms, a hard fork can occur when developers fail to agree on an update for a particular coin and go their seperate ways. While the market has handled hard forks well in the past, they have now become so common that it puts at risk the notion of a limited supply.
In addition to these concerns, it is hard to look past technical analysis as well for some of the selling.
When Bitcoin traded through its "death cross" signal last week, the writing appeared to be on the wall for it. And with experts now tipping a fall to US$2,500 or even US$1,500, it's hard to be anything but bearish at the moment.
Here is the state of play on the market compared to 24 hours ago:
The Bitcoin (BTC) price has fallen 14.1% to US$4,271.4, reducing its market capitalisation to US$74.3 billion.
The Ripple (XRP) price has tumbled 12.3% lower to 43.14 U.S. cents. This leaves the alt coin with a market capitalisation of US$17.4 billion.
The Ethereum (ETH) price is down 14.8% to US$129.62. This latest decline means the ETH market capitalisation is now down to US$13.4 billion.
The Bitcoin Cash (BCH) price has crashed a whopping 34.2% to US$225.23. This leaves the embattled Bitcoin offshoot with a market capitalisation of US$3.9 billion.
The Stellar (XLM) price has plunged 16.9% to 18.88 U.S. cents. The Stellar market capitalisation now stands at just US$3.6 billion.
Outside the top five things were just as bad. EOS (EOS) is down 11.4%, Litecoin (LTC) is off 11.1%, Tether (USDT) has fallen 2.1%, Cardano (ADA) has dropped 17.3%, and Monero (XMR) has lost 13.3% of its value.
