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Bitcoin, Ethereum plunge amid broader crypto sell-off, $200 billion wiped off market

Bitcoin, Ethereum plunge amid broader crypto sell-off, $200 billion wiped off market

A massive sell-off in cryptocurrencies wiped over $200 billion of wealth from the market in just 24 hours, according to estimates from price-tracking website CoinMarketCap.

The broad plunge in the crypto complex, driven by the collapse of the TerraUSD stablecoin, hit major tokens hard. Bitcoin plunged by as much as 10% in the last day to its lowest level since Dec. 2020, while Ethereum dropped as much as 16%.

The crisis showed signs of spreading further Thursday as crypto-related stocks in Asia also crashed. Hong Kong-listed fintech firm BC Technology Group Ltd. closed down 6.7%. Japan’s Monex Group Inc. — which owns the TradeStation and Coincheck marketplaces — ended the day down 10%.

As central banks across the world move to aggressively tighten monetary policy to fight inflation, digital tokens have faced selling pressure amid a broader flight from risk assets. S&P 500 futures lost 0.8% Thursday, tracking losses in the benchmark MSCI Asia Pacific Index.

Investors in the crypto space are no stranger to wild swings in the market, however, and Bitcoin and Ethereum pared losses quickly to trade down 4.2% and 9%, respectively, as of 4:45 p.m. Hong Kong time.

Bloomberg

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Faruk Khalil
Faruk Khalilhttps://nigeriansketch.com/
Khalil Faruk (Deputy Editor-in-Chief), has a Bachelors and Master's degree in Political Science and has worked as a reporter, features editor and Deputy Editor-in-Chief respectively in a leading Nigerian daily. He has undergone trainings in journalism, photo journalism and online journalism within and outside Nigeria.

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