The slide in Cryptocurrencies continued on Saturday.
The price of the digital currency fell in 24 hours. The last time that happened was in December 2020.
The second-largest token plummeted to its lowest level in over a year.
Major players in the scurvy market are in financial difficulty as a result of the U.S. Federal Reserve hiking interest rates.
The Fed hiked rates on Wednesday. There has been a retreat from riskier assets.
The space is still reeling from the collapse of two major token.
Terra was supposed to be worth $1 but crashed to a fraction of a cent. Celsius halted withdrawals this week, locking users out of their funds and raising fears that it may be in trouble.
Celsius is similar to a bank, taking investors'cryptocurrencies and lending them out to institutions to make money. There are assets in the space.
Celsius did not respond to multiple requests for comment.
Three Arrows Capital is in the middle of a crisis of its own. According to reports, the $10 billion hedge fund is on the verge of insolvency due to the plunge in the price of cryptocurrencies.
Terra was an investor in 3AC and they have made bets on a lot of different things.
Zu Shu, the firm's co- founder, said it was in the process of communicating with relevant parties. He told The Wall Street Journal that 3AC was considering asset sales and a rescue in order to stay alive.
Three Arrows Capital did not reply to CNBC.
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