The price of bitcoin has been plummeted to its lowest value as a year, as the cryptocurrency market took an abrupt downturn following the most sustained period of stability in its history.
More than 10 per cent of bitcoin's value, with other major cryptocurrencies like ethere and bitcoins cash experiencing similar losses.
Cryptocurrency analysts have to be driving to the current dip.
'Hard fork' of bitcoin cash, whereby the cryptocurrency will effectively split into two on Thursday to create a brand new cryptocurrency.
Hard cash stirring uncertainty among crypto investors, and forecasters across crypto and traditional markets alike have predicted a prolonged bear market heading into 2019, "Donald Bullers, North American representative for the blockchain firm Elastos, said in an email to The Independent.
"Crypto investors have come to be the most recent case study of that phenomenon."
This uncertainty meant bitcoin cash experienced some of the biggest losses, having been one of the only significant cryptocurrencies to experience price gains over the last few weeks.
"In the first week of November," said Angel Versetti, CEO of Ambrosus, an internet-connected sensor firm that uses blockchain technology.
"From the cryptocurrencies." However, now that [Thursday’s] split is looming and the outcome is yet undefined, this has impacted the outflow of money from the bitcoins … As people are moving into fiat, cryptocurrencies are taking a fall. "
The market-wide crash, which saw the price of bitcoins fall below $ 5,600 (£ 4,300) for the first time since October 2017, follows a remarkable period of stability for the notoriously volatile cryptocurrency.
Since early September, bitcoin traded in a narrow range between $ 6,000 and $ 7,000, following months of steady losses that had seen it fall from a high close to $ 20,000 in late 2017.
Earlier this week, cryptocurrency said "lack before the storm."
This is a prediction of a surge in value over the final weeks of 2018.
Despite the crash, some crypto experts still believe there could be an upswing in the market in the coming months, under certain conditions.
Rohit Kulkarni, managing director of private investment research at SharePost, said "We believe that there are three likely catalysts that could result in a crypto market turnaround in the next six months" The Independent.
"These are: A select group of blockchains startups that have been completed tokens offerings in the past year of the year announcing innovative commercial products; the market. "