Bitcoin slid to $23,476 after the announcement. Ether, the second largest token after bitcoin, tumbled by as much as 16% to $1,177, its lowest since January 2021. China’s continued crackdown on crypto is playing a part too. And there has also been speculation that crypto operations could come to a halt in Russia. In addition to this, there have been sudden and severe sell-offs of major cryptocurrencies. This has triggered panic and further sell-offs as consumer confidence is knocked.