More Than $200 Billion Wiped Off Cryptocurrency Market in a Day - BNN Bloomberg (2024)

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More Than $200 Billion Wiped Off Cryptocurrency Market in a Day - BNN Bloomberg? ›

(Bloomberg) -- 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 (BTCUSD), Ethereum (ETHUSD) Price Drop, Wiped Off $200 Billion in a Day - Bloomberg.

The 2018 cryptocurrency crash (also known as the Bitcoin crash and the Great crypto crash) was the sell-off of most cryptocurrencies starting in January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65% from 6 January to 6 February 2018.

One of the major causes of the recent crypto bloodbath is the significant liquidations in the past 24 hours— $213.85 million worth of liquidations, to be exact— at Binance, the largest crypto exchange.

The Bloomberg Terminal includes the top 50 crypto assets, including Bitcoin, Ethereum, Binance Coin, XRP, Solana and more. Clients can monitor intraday pricing for an expanded universe of cryptos, indices and futures contracts in real-time for faster, data-driven investment decisions.

First Mover Americas: BTC's Drop Below $62K Is the Biggest Single-Day Loss Since FTX's Collapse.

Bitcoin, it found, is likely to hit an average peak price of $87,875 in 2024, with some experts predicting it will climb as high as $200,000. On the flip side, the average lowest price Bitcoin could hit by the end of 2024, is seen as $35,734, the report said, with some predicting it will fall as low as $20,000.

FTX was a leading cryptocurrency exchange that went bankrupt in November 2022, amid allegations that its owners had embezzled and misused customer funds. Sam Bankman-Fried, the CEO of the exchange, was sentenced to 25 years in prison and ordered to repay $11 billion.

Why is Bitcoin losing value so fast? ›

Bitcoin prices are volatile for many of the same reasons other investments are—supply and demand and how investors react to hype, news, and regulatory actions. The main difference between bitcoin and other investment prices is the magnitude in which its price changes.

It is uncertainty over the future of bitcoin which caused prices to crash in 2022. In June 2022, it plummeted below $18,000. It was still below $20,000 by November 2022, just a year after its record high of $69,000. While it has since shown signs of recovery, it's still a long way off from its record highs.

Our real-time BTC to USD price update shows the current Bitcoin price as $61,742 USD. Our most recent Bitcoin price forecast indicates that its value will increase by 13.08% and reach $69,816 by May 05, 2024.

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Sam Bankman-Fried, the crypto entrepreneur known for providing a financial lifeline to struggling firms in the industry, is now in need of a bailout himself.