The photo shows physical imitations of cryptocurrency
  • The market capitalization of global cryptocurrencies has dropped by 47% in just the last seven days, according to data on CoinMarketCap.
  • Bitcoin has fallen roughly 40% since hitting all-time high in mid-April.
  • See more stories on Insider’s business page.

The cryptocurrency market suffered a sharp sell-off on Wednesday. Its value has now tumbled by 47% in just the last seven days.

The market cap for global digital currencies came in at $1.35 trillion on Wednesday, down from a recent peak of $2.56 trillion on May 12, according to data from

The most recent plunge was triggered by the People’s Bank of China announcement that digital tokens can’t be used as a form of payment by financial institutions.

“The cryptocurrency market is under relentless selling pressure at the moment,” Nicholas Cawley, an analyst at DailyFX, told Insider. “The speed of the sell-off suggests that leveraged accounts are being hit badly and the indiscriminate slump across the space also points to a lack of buying intent.”

Bitcoin at one point fell as much as 31%, to $30,016.83, while ether slipped by 44% to $1,918.77 at intraday lows.

Bitcoin still hasn’t recovered from Elon Musk’s climate-related concerns over its mining process, which sent shockwaves across the digital asset