The stock markets have also not coped well with COVID-19 fears with the American Dow Jones forced to halt trading for 15 minutes to arrest the slide. Shares worldwide have faced their worst day since the 2008 financial crash, some for the second time in a weeks.
The value of cryptocurrencies was down by £20.16bn at lunchtime on Monday compared to the previous day’s trading.
Their prices have plunged because of the sell-off of stocks but also because of a row between Russia and Saudi Arabia, which sent the price of oil plummeting.
The reason behind Bitcoin’s price drop has been linked to the difficulties the world’s stock markets are facing.
Fears sparked by the COVID-19 epidemic has seen a major sell-off of shares on the FTSE, the Dow Jones as well as European and Asian markets.
Oil prices crashed by 30 percent after Opec members, led by Saudi Arabia and Russia, couldn’t reach an agreement on production costs.
A price war started when Saudi Arabia refused to drop the costs despite lower demand for oil as a result of the coronavirus epidemic.
Trading on the top three US indexes was stopped for 15 minutes on Monday.
When trading resumed 15 minutes later, shares continued to fall, before appearing to stabilise.
This is the first time a stop has been triggered under the current rules introduced in 2013.