Bitcoin and ethereum posted their largest one-day drop since March last year on Wednesday, with losses in the market capitalization for the entire cryptocurrency sector approaching $1 trillion.

The sharp declines came after China banned financial and payment institutions from providing cryptocurrency services.

A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. REUTERS/Dado Ruvic/Illustration

Bitcoin dropped to $30,066, the lowest since late January. It was last down 22% at $33,502 . The most popular cryptocurrency posted its largest one-day loss since March 2020.

Ethereum fell to as low as $1,850 , its weakest level since late January as well. It was last down 28% at $2,439. Ethereum’s one-day losses were the biggest since March last year.

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