Bitcoin (BTC) has just collapsed below $11,000 for the first time in more than a month and is currently hovering around the $10,800 price point.

Today marks the second day of back-to-back losses for the cryptocurrency, which was sent tumbling from over $12,000 to just over $11,000 yesterday, before dipping further to as low as $10,796 just minutes ago.

Bitcoin is now in the red across all short-term time scales and is -5.6% in the last 24 hours, -7.9% in the last week, and -3.7% in the last month. Nonetheless, the cryptocurrency is still up more than 50% since the start of the year.

Bitcoin wasn't the only cryptocurrency to be hit by today's sell-off. Practically the entire cryptocurrency market is in the red today as $20 billion was wiped off the market in the last 24 hours. The average cryptocurrency is now down 5.6% in the last day and both Tron (TRX) and NEM are the only two top 20 cryptocurrencies to remain in the green over this timescale.

This sell-off comes as the US dollar (USD) makes a slight recovery, and gold recouped some of its earlier losses to reach $1,939—after touching as low as $1,919 last week. However, economists now warn that the stock market may be on the verge of a "Minsky moment," which sees asset prices collapse after a period of rampant speculative activity. If this happens, then the cryptocurrency market could be pulled down with it, once again.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.