The price of Bitcoin (BTC) has now erased all of its gains since the announcement of a cryptocurrency reserve that took place on Sunday. 

As reported by U.Today, the flagship cryptocurrency soared above the $94,000 level after it was revealed that BTC would be at the heart of the much-talked-about cryptocurrency reserve. 

However, it ended plunged to $84,000 on Monday before further sliding to the $82,000 level. 

XRP has also given up virtually all of its gains, plunging to as low as $2.21 on the Binance exchange.  

As noted by analytics platform Santiment, many traders are hitting their “breaking points” due to extreme volatility. 

The rally ended up being very short-lived, with many questioning the viability of such a reserve.  

“Overall, there is definitely a notable level of grief, frustration, and flat-out anger across crypto social media,” the firm noted.