Crypto investors are waking to sea of red this morning as the entire market took an absolute hammering overnight for the second time in just a few weeks.
The price of bitcoin fell sharply on overnight, approaching a dreaded $US30,000 ($A38,800) threshold it has not crossed since January and dragging other cryptocurrencies in its wake.
At around 2am, bitcoin fell 8.6 per cent to a value of $US31,501 ($A40,715), a level not seen since mid-May, when the volatile cryptocurrency temporarily lost 30 per cent in one session.
The second-largest cryptocurrency, ethereum, lost 11.2 per cent of its value, falling to $US2361 ($A3051).
Bitcoin’s value has recovered slightly since the drop, rising to $US33,738 ($A43,606) at around 7am today – but, across the board, almost all of the smaller cryptos have been battered overnight.
The Bloomberg Galaxy Crypto Index fell as much as 15 per cent before also paring losses by this morning. Altcoins such as ether, litecoin and EOS also dropped.
“Numbers that should be staggering for a single day’s performance are no longer a shock to those of us invested in the crypto universe,” Hugh Shields, an analyst at SpreadEx.com said, calling the market an “anomaly”.