The cryptocurrency market is recovering from a day that saw prices plunge wildly and the loss of hundreds of billions of dollars.
Many coins continued to have a difficult day on Thursday, though less dramatically than the previous day. Ethereum was down almost 9 per cent on Thursday morning, with dogecoin losing nearly 12 per cent.
Bitcoin looked to have steadied in the wake of the difficulties. While its price fluctuated, it was largely flat over the last 24 hours.
The cryptocurrency market crash began overnight on the early hours of Wednesday, seemingly in response to suggestions that China could launch a crackdown on digital currencies.
Authorites in the country warned that cryptocurrencies are not “real” and that they “should not and cannot be used as currency in the market”.
That led to a drastic plunge across the entire market, which fell by as much as a third over the course of Wednesday.
Even as the plunge in prices continued, trading volumes remained high, suggesting that traders could still be getting out of their positions. More than $400 billion in cryptocurrencies had been traded over the last 24 hours, according to CoinMarketCap, up almost 75 per cent.