Crypto markets cratered late Thursday with bitcoin (BTC) dropping as low as $25,000 on the crypto exchange Binance.

Cryptocurrency traders suffered $1 billion of losses in liquidations over the past 24 hours, according to Coinglass data, as digital-asset markets suffered one of their worst sell-offs of the year and bitcoin's price fell to a two-month low.

Bitcoin, the largest and original cryptocurrency, tumbled 7% to about $26,900, after earlier in the day dropping close to $25,000, the lowes

The Senate’s Standing Committee on Finance has decided to ban cryptocurrency services in Pakistan from the country’s Internet.

Minister of State for Finance Aisha Ghaus Pasha said that the government will never legalize cryptocurrency in Pakistan..

She added that FATF has also imposed conditions and cryptocurrencies will not be allowed

“Billions of dollars of Pakistan have been invested in cryptocurrency,” Senator Salim Mandviwala.

SBP officials also said that cryptocurrency is a total fraud