Cryptocurrency markets plunged following a plummet in oil prices and further sell-off in stocks.

The market capitalization or entire value of cryptocurrencies was down $26.43 billion from a day earlier at around 1:17 p.m. Singapore time, according to data from Coinmarketcap.com. The sell-off worsened as the day went on.

Bitcoin, the biggest cryptocurrency by value, fell over 10% in 24 hours at around the same time.

The violent sell-off in the cryptocurrency market comes after international oil benchmark Brent crude futures plummeted 30% to $31.02 per barrel, its lowest level since Feb. 2016. That was sparked by Saudi Arabia slashing its official selling prices for oil after OPEC failed to agree a deal on production cuts. This has led to fears of an oil price war. Brent has since pared some of its losses.