Bitcoin has plunged to its lowest level since November.
The world’s biggest cryptocurrency fell to £68,500 at one point today.
Only a month ago, it had been trading at all-time highs of £86,000.
This comes days after Bybit, a major crypto exchange, lost more than £1.1bn in the biggest hack on record.
It’s believed the Lazarus Group, which has ties to the North Korean state, carried out this attack.
And according to the Crypto Today podcast, phishing attacks were used to deceive Bybit executives into transferring this crypto into wallets that they did not control.
Significant amounts of the stolen funds are now being laundered by the hackers, making it harder to track where the coins have gone.
Donald Trump’s vow to push ahead with tariffs on some of America’s closest trading partners, including Mexico and Canada, is also weighing heavily on investor sentiment.
Bitcoin’s price over the past 24 hoursCoinMarketCap
Bitcoin could fall further if large institutional investors decide to sell up – with some analysts warning prices may hit lows of £55,000 in the near future.
There are signs this is already happening, with more than £400m flowing out of funds tracking BTC’s price on Wall Street yesterday.
All 50 of the biggest cryptocurrencies are in the red over the past 24 hours – with many suffering double-digit losses.
They include Ether, XRP, Solana and Dogecoin.
The sudden and dramatic downturn has wiped more than £235bn from the total value of the crypto industry since this time yesterday.
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