The worth fell from above $52,500 to under $44,000 on Tuesday, in keeping with CoinMarketCap.
It has since recovered barely and is buying and selling again above $46,000, on the time of writing.
A number of different main cryptocurrencies additionally suffered heavy losses, together with ethereum (ether), cardano (ada) and binance coin.
“Horrible chart harm being performed in BTC and the remainder of the crypto market, tweeted crypto analyst and writer Glen Goodman.
“Bitcoin simply bounced cleanly off the earlier resistance line. Is that this a retest of that line or the beginning of one thing a lot worse?”
The worth correction has wiped tons of of billions from the general market, which was value greater than $2.35 trillion in the beginning of the day.
Main cryptocurrency trade Coinbase skilled points as folks rushed to their portfolios to both money out or purchase the dip.
The corporate mentioned it was “conscious transactions are presently delayed or cancelled at elevated charges and our apps could also be experiencing errors”.