Cryptocurrencies See Nearly $100 Billion Loss in 24 Hours

It was a horrific day for the markets on Thursday as well as for cryptocurrencies, which lost $93.5 billion wiped out in just 24 hours. It seems even digital currencies are not immune to the coronavirus panic.

Bitcoin fell 48% from 24 hours before at 10:24 a.m. Singapore time at $4,001.60, according to data from Coindesk. Bitcoin has now erased all of its gains for the year.

Other cryptocurrencies suffered similar drops. Ethereum tanked 49% at 10:24 a.m. Singapore time while XRP was down over 42%.

The total market cap of the entire cryptocurrency market, plummeted around $93.5 billion as of 10:07 a.m. Singapore time, according to data from Coinmarketcap.com.

The number of global coronavirus cases has now exceeded 128,000, according to data compiled by Johns Hopkins University.

Traders have been selling in a panic as businesses and cities have been impacted by the virus. Many schools have been cancelled as well as sporting events. Theme parks have closed, restaurants have closed, and the U.S. has put a temporary halt on travel from many European countries to the U.S.