Bitcoin and Ethereum have dropped below $40,000 and $3,000, after dipping below 4% and 5% respectively in the last 24 hours.
Currently priced at $38,962 and $2,904, respectively, the two largest cryptocurrencies by market cap have been in a recent slump.
In the last week, both cryptocurrencies have fallen by almost 8%.
The latest series of price drops can likely be attributed to the mining industry, which has experienced several developments that may have put further pressure on prices.
Bitcoin mining
Last week, Bitcoin miners saw a drop in mining difficulty of over 1%, according to data from Blockchain.com.
Bitcoin mining difficulty, which tracks how difficult it is for a miner to mine Bitcoin, has previously impacted the price of the flagship cryptocurrency.
