Bitcoin (BTC) has dropped below $20,000 for the first time since December 2020, shedding 9.5 percent in only 24 hours. The biggest cryptocurrency by market size was changing hands around $18,984.1 at the time of publishing, after trading as low as $18,739.50.
Ether (ETH), the second-largest cryptocurrency, dropped 9.78 percent to around $992 at the time of writing.
The crypto panic, which began with the Terra ecosystem collapse a few weeks ago and then expanded to the Celsius platform, has now spread to hedge firm Three Arrow Capital, whose collateral was apparently liquidated by crypto lender BlockFi.
Checking traditional markets, U.S. stocks saw more massive selling on Thursday, with the Nasdaq tumbling 4.1% and the S&P 500 3.25% before a slight recovery on Friday. For the week, the Nasdaq and S&P are each lower by about 6%.