Cryptocurrency prices saw their value plummet Friday on Wall Street, wiping out hundreds of billions in market gains.
CNBC reported that $150 billion was lost as the prices of major cryptocurrencies plummeted.
Bitcoin, the world’s most valuable digital currency, has tumbled more than 15% since the start of the year. In November, it traded at a record high of $68,990.
Its peers have experienced an equally unfavorable development lately. Ethereum, which is the second most expensive cryptocurrency, has fallen nearly 8% in the past 24 hours and is currently trading at around $2,895, according to CoinDesk. Ethereum has lost nearly 20% of its value since the start of January.
Investors have been wary of digital currencies and other riskier assets since the US Federal Reserve signaled it may end economic stimulus measures more aggressively than expected.
The value of cryptocurrencies has also been heavily affected by the proposal of the Russian central bank to ban cryptocurrencies, knowing that Russia is the third region in the world for the mining of cryptocurrencies.