Cryptocurrency market collapsed, wiping $344 billion off the market in a single 24 hours after panicked buyers sold off their tokens. The major Cryptocurrencies fell by as much as 12 percent. The combined market capitalisation of Cryptocurrencies dropped by $2.62 trillion. China is the reason behind the panicked sell-off. China’s Evergrande developers are about to collapse and panic sellers feared that it would affect a broader market.