On June 18, the price of Bitcoin (BTC) plummeted below $20,000, a record all-time high set in 2017 and the lowest since December 2020.
This follows a bigger market downturn that has sent the majority of cryptocurrencies into negative territory.
Bitcoin is currently trading at $18,603 after briefly hitting $19,600 and going as low as $18,926 before modestly rebounding above. Bitcoin is currently down 9.65% on the day and 34.77% over the last seven days.
Furthermore, the crisis means that Bitcoin's market capitalization has plummeted by nearly $40 billion in just 24 hours, falling from $402 billion to $363 billion.
According to CoinMarketCap, the worldwide crypto market capitalisation has now plummeted even further below $1 trillion, reaching just $840 billion.