Cryptocurrency markets continued to see red on Wednesday in Asia, with Bitcoin remaining under the key $8,000 level.
Bitcoin traded 1.5% lower to $7,795.3 by 12:26 AM ET (04:26 GMT). The popular cryptocurrency entered correction territory after falling around 15% since from its peak of $9,100 last week.
Ethereum fell 1% to $242.14. XRP was down 1.7% to 0.39867.
Litecoin slipped 0.4% to 102.619.
The cryptocurrencies markets plunged yesterday, with prices of the major digital coins down more than 10% at one point.
While the exact reason for the move was unclear, some attributed the plunge to a "bitcoin whale" dumping a large holding off bitcoin, only to buy it back again at a lower price. With sizable holdings of bitcoin, bitcoin whales are notorious for causing wild swings in the market when they take a noticeable position in either direction.
Other reports suggested multiple events, including the U.S. Securities and Exchange Commission (SEC)'s recent action against social media startup Kik and geopolitical events that causes declines in risk-on assets, were providing tailwinds for digital assets.
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