The price of Bitcoin has sharply declined to $38,642 during broader sell-offs in Asian markets, along with a drop in the price of Ethereum.

This decline followed losses on Wall Street on Thursday, January 20, which wiped out nearly $150 billion from the cryptocurrency market.

Bitcoin fell by approximately 8% in the last 24 hours, while Ethereum, the second largest cryptocurrency by market value, dropped by about 10%, reaching $2,841.