Total chaos erupted as cryptocurrency investors saw their life savings wiped out overnight.
More than $1 trillion was lost from the cryptocurrency market due to massive sell-off this week. Over $200 billion was lost in a single day.
Bitcoin dipped below $26,000 before rallying to around $29,000 on Thursday.
Both Bitcoin and ethereum, its closes rival, are down 30% in the past 7 days, according to reports.
Shares of Coinbase dipped Wednesday after the company said its revenue fell 27% from a year ago.
Small investors who bet their life savings in cryptocurrency are among the hardest hit.
One Luna crypto investor lost his entire life savings ($488,000 USD) when the cryptocurrency crashed 98% overnight.
"I will lose my home soon. I'll become homeless," he wrote in a post on the TerraLuna sub-Reddit. Hundreds of Redditors posted similar stories in other subs.
One Reddit sub locked new posts after users expressed suicidal thoughts.
Terra Luna was among the Top 10 cryptocurrencies in the world until it dipped below $1 on Wednesday from a peak of $120 just last month.