A rout in the cryptocurrency market that has destroyed over $900 billion of value since the start of the week dramatically gathered pace today, with Bitcoin dropping over 15%.

The world’s biggest cryptocurrency by value fell 12% to $28,168, a level not seen since November 2020.

There was a sea of red in the wider cryptocurrency market, which has fallen in value from $1.5 trillion on Monday to around $1 trillion today. There are fears it could fall much further.

The crash will hit thousands of amateur investors around the world, as well as many financial institutions that have begun to dabble in the market.