Speaking to Express.co.uk, Todd Crosland, CEO at digital asset exchange CoinZoom, said the rash is a feature of the market at large.

He said: “The recent crypto ‘crash’ is symptomatic of the broader volatility of the crypto market.

“It is therefore unsurprising official bodies such as the Federal Reserve and the Bank of England have repeatedly warned consumers that they should be prepared to lose money if they invest in cryptocurrencies.

“These warnings have become a reality over the past couple of weeks – and if anything – should serve as the impetus for introducing the regulation needed to make crypto a more orderly and stable marketplace.”