The cryptocurrency market had around $130 billion wiped off its value over the last 24 hours, as major digital coins continued their multi-day sell-off.
Bitcoin was last down around 4% at $33,755.57, according to Coin Metrics, while Ether plunged 7% to $2,239.08. Earlier in the morning, they fell to their lowest points since July. They are also about 50% off their respective all-time highs.
Cryptocurrencies are moving in tandem with stocks, which have continued to fall since the beginning of the year and just came off of their worst week since March 2020. Investors have been selling risk assets like technology stocks, as they prepare for tighter monetary policy from the U.S. Federal Reserve.
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