Crypto prices nosedive, wiping out billions in value

Cryptocurrency prices took a nosedive on Friday, wiping out hundreds of billions in the crypto market.

CNBC reported that $150 billion was lost as a result of the price drops of major cryptocurrency.

Bitcoin fell about 10 percent, and Ethereum dropped around 13 percent on Friday, the outlet reported, citing Coin Metrics. 

The price of Bitcoin, the most popular and well-known cryptocurrency, fell below $40,000.

The cryptocurrency market had been on an upward swing before Friday. According to The Independent, Bitcoin hit an all-time high in November, reaching nearly $70,000.

The news follows reports that Russia’s central bank is proposing a ban on cryptocurrencies in the nation, the world’s third-largest region for cryptocurrency mining.