The cryptocurrency values collapsed earlier today. The value of Bitcoin was slowly decreasing during the early hours of the day, from close to US$ 53000 to about US$ 50000. Around 10 am EDT (2 pm UTC), its value plunged. By 11:15 am EDT, it had reached about US$ 45000. From there it has recovered to about US$ 47500 (10:45 pm EDT).
The causes of this are unclear, however, it is believed that the sudden liquidation of $1.2 billion in Bitcoin long options had something to do with it.
The cryptocurrency market capitalization decreased by about 14% (at its worse), it did recover to settle at about a 11% loss for the day. I expect the market capitalization to recover completely over the next following days.