The price of bitcoin and other cryptocurrencies had been falling on Monday, after the major crypto lender Celsius halted all withdrawals citing "extreme market conditions."
It is the second collapse of a part of the crypto world in the last two months. The stable coin Terra imploded in early May, erasing tens of billions of dollars worth of value in a matter of hours. Bitcoin was trading at roughly $23,400 on Monday afternoon, down more than 16% in the past day.
Ethereum, another widely-followed cryptocurrency, was down more than 20%.