According to CoinMarketCap data, the cryptocurrency market was worth $1.61 trillion on Saturday, an 11.8 percent drop from the previous day.
The price crash resulted in a one-day loss of over $350 billion.
This comes just two months after the crypto market’s value increased to $2.94 trillion, following Bitcoin’s record high of $68,000.
Bitcoin, the world’s most valuable cryptocurrency by market capitalisation, has fallen below $35,000, its lowest dollar value since August 2021.
The cryptocurrency’s value had dropped by more than 9% to $35,104 in the previous 24 hours.
The price fell to $38,147 on Friday after Russia’s central bank proposed a ban on all cryptocurrency operations in the country.
Ethereum, the second-largest cryptocurrency by market capitalization, fell more than 14% to $2,433.
The bitcoin price crashed in May 2021 as a result of China’s crackdown on cryptocurrency miners.
The Central Bank of Nigeria (CBN) has issued a warning to those who invest in cryptocurrencies, stating that they are not legal tender in Nigeria.
It claimed that because of the anonymity of virtual transactions, digital currencies such as Bitcoin, Litecoin, and others are widely used in terrorism financing and money laundering.
The bank directed banks to close accounts of individuals or entities involved in cryptocurrency transactions within their systems in February 2021.