The world's largest cryptocurrencies shrank further on Wednesday, with Bitcoin falling below the $57,000 mark for the first time since February.
Investors' appetite for cryptocurrencies apparently decreased after former Binance CEO Changpeng Zhao was sentenced to four months in prison in the United States after pleading guilty to enabling money laundering on its cryptocurrency exchange. Additionally, the freshly launched crypto exchange-traded funds (ETFs) in Hong Kong missed market expectations.
Bitcoin plunged 5.98% at 4:35 am ET, selling for $56,997. Ethereum sank 5.54%, trading at $2,944 simultaneously.
