The price of the crypto king, Bitcoin, plunged drastically after the US officials recovered a majority of the ransom paid to hackers that targeted Colonial Pipeline.

Reports covering the developments quoted a Court as saying that the investigators could recover passwords for hackers’ bitcoin wallets. The money was recovered by the newly launched task force, which was formed to tackle the increased cases of cyberattacks.

At 08.00 p.m. Bitcoin (BTC) was trading 12 per cent lower at $31,854.44 with capital mark of $607,590,173,624, data on CoinGecko showed. Similarly, another strong digital currency Ethereum also dropped by nearly 14 per cent to hit the value of $31,854.44.

Earlier in April, BTC had touched the mark of $60,000 for the first time. But due to the environmental concerns revolving around digital currencies pushed the value of all digital currencies towards the southward direction. Bitcoin was also affected by this sudden wave, as a result, the cryptocurrency not almost down by 13 per cent with its maximum high.