The global crypto-market has shrunk from $1.02 trillion to $913.72 billion, a 12 percent decrease since 23rd June.
Bitcoin has lost more than 70% of its value since it hit a peak of around $69,000 in November last year.
Bitcoin, the world’s largest and most popular cryptocurrency, fell below $20,231.
Meanwhile, the second-largest crypto, Ethereum, popular among investors, has lost almost 80% from its peak trading around $1155.
Solana has fallen by more than 15% and is hovering around $27.
The price of almost every top coin is now worth half or even less than their all-time highs.
The immediate trigger for the crypto crash appears to be a massive sell-off by investors and pausing of withdrawal by crypto lending service Celsius.
Most analysts believe that the fall in the price of cryptocurrencies is because of the fall in prices of stocks and other assets.
Alex Diaz, the admin of a Facebook group for Bitcoin enthusiasts, said that the bitcoin crash is not the fault of bitcoin but of parallel developments in the cryptocurrency space, some of which are “just schemes or outright scams."