Bitcoin down nearly 8%, crypto market loses $220B in 12 hours
Bitcoin saw its price plummet Thursday nearly 8% while the cryptocurrency market lost around $220 billion in 12 hours, as investors leave risky assets amid escalation in Russia-Ukraine relations, News.Az reports citing Anadolu Agency.
Despite bouncing back Wednesday to recover slightly from an 18% loss, Bitcoin dove Thursday with heightened geopolitical risks.
The world's largest cryptocurrency by market capitalization, sank to $34,350, its lowest since Jan. 24.
It marked as much as a 7.7% decline after it closed the previous day at $37,213. The price of Bitcoin was trading at $35,364 at 1423 GMT.
Ethereum, the world's biggest altcoin by market value, dove to below $2,303 -- a 10.7% decline after closing Wednesday at $2,578. It was trading at $2,381 at the time.
Some altcoins saw as much as a 20% decline in half a day.
The cryptocurrency market's total value plummeted to $1.55 trillion around 0550 GMT Thursday, according to data by digital asset price-tracking website CoinMarketCap.
Almost $220 billion evaporated in 12 hours, as the total value of the crypto market stood at more than $1.76 trillion 1730 GMT Wednesday.
You Might Also Like
-
“Unfortunately, Armenia did not respond to our proposal to sign a peace deal, which will be ve (...)
-
It is planned to relocate 2,000 families, that is about 10,000 former IDPs, to their native homes in (...)
