ANKARA

Bitcoin on Wednesday dove to $17,000 for the second consecutive day as the major sell-off in the cryptocurrencies market continues.

Price of Bitcoin was below $17,300 at 8.00 a.m. EDT, while it traded at $17,750 at 10.00 a.m. EDT for a 8.5% loss. Price of the world’s largest crypto by market size was hovering around its lowest level since December 2020.

Ethereum, the world’s biggest altcoin, was trading at $1,237 for a massive 14.1% daily decline.

The total value of the cryptocurrency market was down 9.9% to $875 billion at the time, according to data from the digital asset price-tracking website CoinMarketCap.

Some altcoins saw their price plummet between 25% to 30% in the past 24 hours.

The major sell-off on Tuesday started after crypto exchange major FTX asked for the help of rival, Binance, because of liquidity issues, which highlighted the fragile nature of the crypto market and instigated fears of vulnerability.