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Wednesday, August 10, 2022

Amid Market Selloff, Crypto Prices Plunge Below $35,000

Bitcoin, the world’s most valuable cryptocurrency, was once trading at an all-time high of nearly $70,000 last November. But in the last 24 hours, Bitcoin has plunged more than 8%, trading as low as $34,064.90.

Bitcoin’s recent drop in value has erased over $600 billion in market value, with more than $1 trillion being wiped from the global cryptocurrency market.

Bitcoin’s value has plummeted by almost a quarter since the start of the year, while the world’s second-largest cryptocurrency, Ethereum, dipped approximately 35 percent. This comes as Bitcoin and other major cryptocurrencies are facing a dramatic market selloff.  Given the increasingly positive correlation between equities markets and cryptocurrencies, this week’s poor stock market performance — the worst since the COVID-19 pandemic began — saw a major selloff of major stocks, particularly tech stocks. 

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