The world’s most popular cryptocurrency has fallen below $59,000, wiping out millions of dollars of traders and investors.
Wednesday’s crash came as long-term Bitcoin holders sold at a high price in order to make significant profits.
Days ago, the digital currency traded around $67,000, a record high.
The price drop has also caused a run on other cryptocurrencies, including Ethereum, Binance Coin, Cardano, Solana and Ripple which have also seen their value fall.
The price of Ethereum has slumped nearly six percent to under $4 over the past 24 hours, according to the latest data from CoinDesk.
Cardano’s value has plummeted almost nine percent in the same period to less than $2, while Solana has fallen 8.05 percent to $190.
The cryptocurrency markets have been whipsawing, especially following news of big holders like Elon Musk tweeting, and the market reacting.
Earlier this year, experts warned cryptocurrencies remain concentrated among a small number of holders.
At the end of last year (2020), the 10,000 biggest Bitcoin holders accounted for more than a quarter (27 percent) of the total 18.6 million coins in circulation.
The latest dip may allow more buyers itching to get in on the ride—for the next rally.
Cryptocurrency prices have surged this year, with Bitcoin alone jumping almost 400 percent in value over the past 12 months.