Bitcoin (BTC) and Ethereum (ETH) have fallen 6 per cent and 7 per cent respectively in the past 24 hours, erasing recent gains.
The rapid and bearish price action also led to the liquidation of about $133 million in bitcoin and Ethereum positions, according to Coinglass.
Currently, bitcoin is trading at $29,587, down 5.85% on the day, according to CoinMarketCap, which also leaves the largest cryptocurrency with a market cap of $563.33 billion down 57.06% from its all-time high of $68,789.63 set last November.
Ethereum is also struggling to maintain its recent bullish momentum, with the second largest cryptocurrency down 7.42% in the past 24 hours and currently trading at $1,764.