The majority of the cryptocurrencies were trading on a flat note on Wednesday. The flagship currency tumbled below $20,000 as long-term investors face massive selling pressure.
Since late last year, nearly $2 trillion has vanished from the market value of cryptocurrencies, as per CoinGecko.
Bitcoin, the world's largest cryptocurrency, was trading at $19,806, up 0.30 percent, marginally changed on the day but nursing a fall of 11 percent since the end of last week.
On the other side, Ether, the second largest cryptocurrency in terms of market capitalization, slightly rose by 0.94 percent to 1,076 over the previous day, according to Coindesk data at 17:11 IST.
Meanwhile, Shiba Inu, the second-largest meme coin, fell 0.24 percent to $0.000010 however the most followed meme coin Dogecoin rose 0.27 percent to $0.061561.
The global cryptocurrency market cap increased to 0.23 percent to $883.26 billion in the last 24 hours. On the flip side, the total cryptocurrency trading volume also decreased 4.15 percent to $55.47 billion.
Out of a total market cap, bitcoin's dominance is 42.84 percent, a decrease of 0.03 percent over the day, as per CoinMarketCap data at 17:20 IST.
In recent news, cryptocurrency exchange Bitbns has announced zero tax deduction at source (TDS) for its users who have invested in systematic investment plans (SIP). This development comes as crypto investors disappear from Indian crypto exchanges post July 1, after the crypto TDS (tax) was implemented.