The price of Bitcoin (BTC) has now erased all of its gains since the announcement of a cryptocurrency reserve that took place on Sunday.
As reported by U.Today, the flagship cryptocurrency soared above the $94,000 level after it was revealed that BTC would be at the heart of the much-talked-about cryptocurrency reserve.
However, it ended plunged to $84,000 on Monday before further sliding to the $82,000 level.
XRP has also given up virtually all of its gains, plunging to as low as $2.21 on the Binance exchange.
As noted by analytics platform Santiment, many traders are hitting their “breaking points” due to extreme volatility.
The rally ended up being very short-lived, with many questioning the viability of such a reserve.
“Overall, there is definitely a notable level of grief, frustration, and flat-out anger across crypto social media,” the firm noted.