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BLOOMBERG: The crypto bubble added billions to nonsense digital tokens overnight is bursting.
Bitcoin plunged more than 20% to less than US$35,000, wiping out more than half a trillion dollars in value from the coin’s peak market value. It has erased all the gains it clocked up following Tesla Inc.’s Feb. 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles.
Ethereum, the second-biggest coin, sank more tha 40%, while joke token Dogecoin lost 45%.
Prices for the digital asset dropped 12% to about US$38,000 as of 7:38 a.m. in New York. It’s now down around 40% from its record of almost US$65,000 set in April. Other crypto tokens dropped in tandem on Wednesday, with Ether losing more than 20%.