Bitcoin's price has dropped below $40,000 for the first time since February 9.
The world's largest cryptocurrency by market capitalization is now changing hands around $39,600 on Coinbase Pro.
Meanwhile, ether has slumped below $3,000 and is trading at $2,949 as of press time.
The overall crypto market plunge has continued over the past week and dropped further after news on Tuesday that three Chinese self-regulatory organizations had reiterated the country's 2017 stance on a crypto ban.
Data from Bybt shows that over $1 billion in crypto futures long positions were liquidated in the past 12 hours with half of them being long positions on bitcoin.
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