Mubasher: The cryptocurrency market on Wednesday saw sharp moves as bitcoin dropped below $14,000, while ethereum, the second biggest digital currency, set a new record high.

By 09:23 am GMT, bitcoin fell by 9.90% to $13,731, while ethereum jumped 6.70% to $1,319.95.

Meanwhile, bitcoin’s market capitalisation reached around $230.6 billion, while ethereum’s market cap neared $128 billion.

Ripple, which has more coins in circulation than bitcoin and ethereum, dropped in the meantime by 22.47% to $1.87, while its market cap was $72.5 billion.