Bitcoin dropped 4.6% to $117,466 in intraday trade.
Ethereum, the second-largest cryptocurrency by market cap, also edged lower by 2.8% to $2,968.
Other major altcoins traded in the red, with Solana down 4.4%, Dogecoin sliding 7.7%, and Cardano losing 4.8%.
Stellar posted the steepest fall, dropping 10.2%.
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