Bitcoin falls to $58K, and the crypto industry loses $140 billion
Bitcoin’s price plunged to USD58,000 on Wednesday, while the whole crypto market’s worth dropped by roughly USD140 billion in a huge selloff.
Bitcoin’s price was barely above USD58,800 at 10.15 a.m. EDT, a 5% daily loss after dropping to USD58,000 at 4 a.m. EDT Tuesday.
Since hitting an all-time high of USD67,000 on Oct. 20, the world’s largest cryptocurrency has lost 13.4 percent of its value.
Other digital coins have also suffered significant losses as a result of the collapse, with some altcoins losing 14% on Wednesday.
Ethereum, the world’s most popular altcoin, was trading at USD3,970, down 4.5 percent.
According to data from the digital asset price-tracking website CoinMarketCap, the overall value of the cryptocurrency market was more than USD2.6 trillion before the selloff began.
According to data, it was down to USD2.46 trillion at 10.15 a.m., down USD140 billion in mere hours.