Bitcoin crashes 17%, falls below $25000 mark

• The crypto market cap fell below $1 trillion on Monday

Bitcoin plummeted below $23,000 on Monday, hitting its lowest level since December 2020 after investors disposed off risky assets in a broad sell-off.

The largest currency traded around $22,764 at 11:10 AM ET on Wall Street, for a loss of 17%. The second-largest cryptocurrency, Ether fell 19% to $1227.

The cryptocurrency market capitalization fell below $1 trillion on Monday for the first time since February 2021, according to data from CoinMarketCap.