According to estimates from price-tracking website CoinMarketCap, a major sell-off in cryptocurrencies took out over $200 billion in wealth in just 24 hours.
The collapse of the TerraUSD stablecoin triggered a broad drop in the crypto complex, which impacted big tokens hard.
Bitcoin fell as much as 10% to its lowest level since December 2020 in the last day, while Ethereum fell as much as 16 percent.
The chaos appeared to be extending to Asia on Thursday, as crypto-related markets plummeted.
BC Technology Group Ltd., a Hong Kong-listed fintech company, closed down 6.7 percent.
Monex Group Inc., which runs the TradeStation and Coincheck marketplaces in Japan, lost 10% on the day.
As central banks around the world tighten monetary policy to combat inflation, digital tokens have come under selling pressure as investors flee risky assets.
500 futures fell 0.8 percent, matching declines in the MSCI Asia Pacific Index on Thursday.
Investors in the crypto industry are used to huge market fluctuations, and Bitcoin and Ethereum rapidly reduced losses to trade down 4.2 percent and 9%, respectively.
