Cryptocurrencies turn steeply lower, with bitcoin dropping 12% to below $8,673.56, its lowest point since June 15.
Ethereum slides 13% to $174.89 and Ripple slips 11% to $0.2386.
Over the past several hours, bitcoin prices fell from $9,750 to as low as $8,590— a downswing of over 10%. According to data from Rekto, over the past 24 hours, derivatives exchange BitMEX saw over $380 million worth of XBT Perpetual Swap contracts liquidated. The low represents a new bottom over the past three months.