![](https://www.coindesk.com/resizer/CPCUq8rYb_alVdj3YbvpzE-bUBE=/1200x628/center/middle/cloudfront-us-east-1.images.arcpublishing.com/coindesk/CFDER3OAMFFALJUNWSKNYSQN5E.png)
Broader crypto markets, which mounted a short-lived recovery after the bailout announcement, quickly lost steam and turned sharply lower. The CoinDesk Market Index (CMI), which tracks 162 cryptocurrencies, fell 8% in the last 24 hours. Bitcoin (BTC), the largest cryptocurrency by market capitalization, tumbled to $17,114 on the Bitstamp exchange, a 23-month low. The BTC price recovered somewhat to $18,400 but was still down 12% on the day.