Crypto crash deepens: $2 trillion wiped from market [View all]

(Friday)

An ongoing crash across crypto has wiped trillions of dollars in value from the market, unsettling investors and raising renewed questions about the stability of the alternative asset space.

The flagship cryptocurrency, Bitcoin, has been at the heart of this selloff. BTC has fallen 25 percent over the past month and is hovering around the $60,000 mark, after what looked to be a recovery from its February and March lull. The asset is now down by over 50 percent from the all-time high of around $126,000 reached in October—its total market value dropping from $2.5 trillion to roughly $1.2 trillion over this period.

But the wipeout has been widespread, affecting other major currencies like Ethereum but also tanking some of the less mainstream tokens.

What’s Driving This Selloff?

The volatile cryptocurrency space has witnessed a number of comparable drops over the past decade, such as a $1.9-trillion slide between October 2021 and December 2022, but the current downturn appears unrivalled.

https://www.msn.com/en-us/money/markets/crypto-crash-deepens-2-trillion-wiped-from-market/ar-AA24VY1C