Risk assets nosedived during the Asian trading session on Monday as a weaker US jobs report and higher unemployment rate from Friday, and a rising Japanese yen following the Bank of Japan’s recent interest rate hike, caused investors to flee risk assets, said Simon Peters, Crypto analyst at eToro.

Continued fears about the defunct crypto exchange Mt.Gox repaying its creditors and Jump Crypto appearing to liquidate hundreds of millions of dollars worth of crypto positions, particularly ethereum, have added to the sell-off in crypto markets.

$300 billion was wiped of the crypto market capitalisation at its most today. Bitcoin has seen a 10% drop so far today and is currently trading at $52,500. ethereum is down 14% and currently trading at $2,300, the lowest prices since January this year. The fall in ethereum, as shown by on-chain data, has been exacerbated by Jump Crypto transferring 17,576 ethereum ($46.78 million) in the last 24 hours to centralised exchanges and sold potentially.

Technical indicators however are now showing as oversold, as well as the Crypto fear and Greed index flashing ‘Fear’, which is usually a sign of a bottoming of the price, so it is possible we could see a rebound from here over the coming days, as to how high the price will rebound we have to wait and see.