Cryptocurrencies slump as global markets tumble; Bitcoin falls 5%, Ether down 8%

Patel said that the current dip could be because of high selling orders over the past week. 'If buyers can make a move above the $20,000 level, we might see BTC bouncing back soon."

Patel added, "Bulls might attempt to recapture the $20,000 price level if BTC can trade above the overhead resistance level. If BTC keeps facing continued rejections, it might dip to the $18,000 support level."

Ethererum or Ether — the second largest virtual currency — slumped 7.8 percent to $1,511.7 with a market capitalisation of $183.8 billion. The trade volume of Ethereum was $21.9 billion in the last 24 hours.

On Ethereum, Patel said, "Ethereum Merge is now less than two weeks away, and the price of the coin continues to hold at $1,600. As the activities ramp up, the interest might likely create more demand in the coming days."

Meme-based virtual currency Dogecoin was seven percent down with a trading volume of $450.5 million. Shiba Inu and Solana were trading 4.9 percent lower at $0.000012 billion and $30.9 billion respectively.

The Indian equity benchmarks — BSE Sensex and NSE Nifty50 — started Wednesday's session in red tracing losses across major global markets.