Bitcoin fell to the $6,000 mark on Tuesday, leading the rest of the cryptocurrencies lower, as investors took to government bond and precious metal havens to avoid a widespread sell off in risk assets.
Stock markets have fallen sharply across the globe in the past two trading sessions and cryptocurrency investors sold down their positions also as the sell off extended into other higher-risk areas of the financial markets.
The sell off in cryptocurrencies began several weeks before the equity market correction, but both appeared to be predicated on concerns over lofty valuations.
And while it's been suggested stock market investors are concerned over the likely response from central banks to higher inflation expectations, with cryptocurrency investors, the problem has been with the response of governments to the proliferation of unregulated exchanges.
Since bitcoin hit its near $20,000 peak in December, it has now lost more than two-thirds of its value, sinking as low as $6,000 on Tuesday.