More Than $200 Billion Wiped Off Cryptocurrency Market in a Day: CoinMarketCap

    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.
    By: BLOOMBERG
    | Updated on: May 13 2022, 09:58 IST
    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.
    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. (AP)
    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.
    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. (AP)

    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%.

    What Are Stablecoins? Why Did TerraUSD Go So Wobbly?: QuickTake

    The carnage showed signs of spreading further Thursday as crypto-related stocks in Asia also cratered. 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. 

    Follow HT Tech for the latest tech news and reviews , also keep up with us on Twitter, Facebook, and Instagram. For our latest videos, subscribe to our YouTube channel.

    First Published Date: 13 May, 09:58 IST
    NEXT ARTICLE BEGINS
    keep up with tech