$22 Billion Wiped Out of Crypto Market in 24 Hours as Bitcoin Drops Under $6,400

The valuation of the crypto market has dropped by $20 billion over the past 24 hours, as bitcoin dropped to $6,400.

Since early morning, the crypto market recorded a steep fall from $274 billion to $252 billion, demonstrating a 7 percent decline in value. The drop of bitcoin from $6,700 to $6,400 caused other major digital assets and small tokens to experience intensified movements on the downside.

Bitcoin 5% Loss, Ether 10% Drop
While bitcoin lost 5 percent of its value, the price of ether, the native cryptocurrency of the Ethereum blockchain protocol, dropped by more than 10 percent. On July 9, the price of ether hovered at around $480. Over the last 12 hours, the price of ether dropped to $430, dragging tokens and small cryptocurrencies with it.