Such has been the collapse in Bitcoin price, many traders would have woken on Tuesday with long positions in the Dow Jones.
Monday saw New York’s headline index lose 1,175 points, equating to a 4.6% drop, marking the worst single trading session loss in Wall Street history.
Bitcoin was down 8%, US$553 per coin at the time of writing. Trading at around US$6,360, the cryptocurrency has nearly halved in value in the past week alone and it has now shed almost 70% of its value since peaking above US$19,300 in mid-December.
Elsewhere, the value of other major digital currencies fell further. The price of Ethereum fell US$88 or 12.7% on Tuesday, changing hands at US$608 while the Ripple XRP token lost 17.5% to trade at 63.2 US cents.
Bitcoin and the cryptocurrencies are getting hit from all angles.
Broader volatility further threatens the virtual asset class, as many of the ‘establishment’ investors who helped buy the price up to peak levels are likely to be more inclined towards tangible stores of value.
The Bitcoin sell-off began with a spike in regulatory scrutiny, with pressure coming from watchdogs in several territories.