Breaking: Bitcoin collapses under $31,000, Ethereum loses $1,000 as crypto sell-off extens

Bitcoin has been extending its free-fall from the highs, falling some 19% to below $31,000. BTC/USD hit a high near $42,000 last week.

Ethereum has crashed by 24% on Monday, changing hands at around $950. The brainchild of Vitalik Buterin is down from the peak well above $1,300. XRP/USD which began its downfall earlier is also tumbling down. Ripple's token was hit by legal issues and is now trading at around $0.26.

Volatility remains elevated in cryptocurrency markets. 

Update: Bitcoin has recaptured the $33,000 level after holding above $30,000. Moves remain choppy. 

Here is how the recent downfall looks on the BTC/USD four-hour chart. The Relative Strength Index is nearing 30, marking oversold conditions, thus potentially pointing to a bottom for the granddaddy of digital coins. 

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Some see the fall of cryptocurrencies as the "canary in the coalmine" for broader markets. S&P futures are down over 1% and mgold is also on the back foot.