On Thursday, the price of Bitcoin tumbled, falling 8% in a single day, and even dipping below $26,000 briefly. Other digital currencies suffered similar losses, including Ether, which reportedly led to the liquidation of $1 billion in cryptocurrencies.

After losing 2% the day before, Bitcoin plunged to $25,409 at its lowest on Thursday, marking a two-month low, before recovering slightly. Ether and BinanceCoin also dropped, with Ether losing 6.5%, and BinanceCoin dropping 6.4%.

The fall dragged down the cryptocurrency’s market capitalization below $500 billion for the first time since mid-June. Its value is now at the same level seen on June 20th. Crypto-analyst Will Clemente also noted an increase in volatility, saying that on Thursday, Bitcoin saw the biggest single-day increase in its implied volatility, which measures market forecasts of future price changes.

According to data from the crypto-data-analysis organization CoinGlass, in just about 12 hours, roughly $1 billion in the most commonly used cryptocurrencies was liquidated by investors. Bitcoin, Ether, BinanceCoin, and other popular cryptocurrencies all saw major drops, as Doge and LiteCoin plunged over 10%.

However despite the losses, Bitcoin continues to remain up by roughly 60% for 2023, after beginning the year at just above $16,500.