Crypto meltdown erases $1 trillion in value
Bitcoin down 50% from November peak as risk-off sentiment batters cryptocurrencies
Bitcoin has now shed more than 50% from its record high in November while adding further momentum to the latest meltdown in cryptocurrencies.
Bitcoin’s decline from its peak has wiped out more than US$600 billion in market value, and over $1 trillion has been lost from the aggregate crypto market.
While there have been much larger percentage drawdowns for both Bitcoin and the broader market, this marks the second-largest ever decline in dollar terms for both, according to Bespoke Investment Group.
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