On Wednesday, May 19, 2020, crypto giants Bitcoin and ethereum posted their largest one-day drop since March 2020, with losses in the market capitalization for the entire cryptocurrency sector approaching $1 trillion.
The crash happened after China banned financial and payment institutions from providing cryptocurrency services.
Bitcoin dropped to $30,066, the lowest since late January. It was last down 22% at $33,502 . The most popular cryptocurrency posted its largest one-day loss since March 2020.
While Ethereum fell to as low as $1,850 , its weakest level since late January as well. It was last down 28% at $2,439. Ethereum’s one-day losses were the biggest since March 2020.