Bitcoin Plunge Wipes $500 Billion From Value in Crypto Rout
Bloomberg 39 mins ago
(Bloomberg)
The crypto bubble that inflated Bitcoin’s value past $1 trillion and added billions to nonsense digital tokens overnight is bursting.
Bitcoin plunged as much as 29%, wiping out more than $500 billion in value from the coin’s peak market value. It was down 15% to $36,700 as of 10:53 a.m. in New York. 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 than 40%, while joke token Dogecoin lost 45%.
The coin pared its loss to 10% as of 12:40 p.m. in New York, up $8,000 from its lows. 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.
Provided by Dow Jones By Stephen Nakrosis Shares of cryptocurrency companies are trading lower on Wednesday, following a decline in the price of bitcoin, dogecoin and other cryptocurrencies. At 11:01 a.m. ET, shares of Coinbase Global Inc. were trading 6.28% lower at $224.08. Volume at the time topped 9.7 million shares. The stock s 65-day average volume is some 12.2 million shares. Earlier in the session, the company s stock touched a 52-week low of $208 a share. At 11:14 a.m. ET, shares of Marathon Digital Holdings Inc. were trading 10.11% lower at $20.66. Volume at the time topped 16.2 million shares. The stock s 65-day average volume is some 21.4 million shares.
Bitcoin plunges before Musk tweets help drive torrid rally
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By Vildana Hajric
3.35am
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A 31 per cent plunge in the morning. A 33 per cent surge in the afternoon.
Such was the wild ride bitcoin took investors on Wednesday (US time), lopping off billions in value before comments from some prominent proponents helped propel it on a torrid rebound.
Bitcoinâs rollercoaster ride dominated Wall Street chatter.
Credit:NYSE
Meanwhile Wall Street continued its losing run, with the S&P 500 index down 0.3 per cent, putting the benchmark index on track for its worst weekly loss in over two months. The Dow Jones shedding 0.3 per cent and the tech-heavy Nasdaq finished flat. The Australian sharemarket is set to edge higher with futures at 6.59am AEST pointing to a gain of 4 points at the open.