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As a result of intense selling pressure, Bitcoin fell as much as 8% to dip below $26,500 levels, while Ethereum fell as much as 7% to cling to the $1,675 mark.

On Friday, the price of Bitcoin and other popular cryptocoins traded in the deep red. A abrupt liquidation over the previous few hours caused $1 billion in losses as the price of bitcoin dropped to a two-month low and the digital asset markets experienced one of their biggest sell-offs of the year. The cryptocurrency market's trading volume abruptly increased.

The biggest cryptocurrency tokens fell as much as 8% to dip below $26,500 levels, putting intense selling pressure on Bitcoin. Ethereum, its biggest rival, fell 7% to cling to the $1,675 mark. The host of tokens were bleeding up to 18%, which caused severe pain in the altcoins.

The cryptocurrency market has fallen dramatically for a second day in a row. The cryptocurrency fear and greed index has fallen 13 points and, with a score of 37/100, has reached the fear zone for the first time in more than 5 months as a result of the widespread crypto market sell-off.

"A US judge granted approval to the SEC to file a motion to appeal the recent ruling which favoured Ripple Labs regarding retail sales of XRP," he continued. In other news, the Chinese Yuan, which is currently trading at its lowest level since 2007, may be devalued.

On Friday, all other popular crypto coins were destroyed. XRP fell by as much as 17%, while Litecoin fell by as much as 14%. Shiba Inu and Dogecoin both had double-digit declines that reached 12%. Toncoin and Polygon both experienced 9% declines, while Solana experienced an 8% decline.

The market capitalization of all cryptocurrencies was trading substantially lower, dropping near the $1.06 trillion mark after losing as much as 7% over the previous day. The total trade volume did, however, increase by almost 77% to $65.1 billion.