Bitcoin plunges 22% as sell-off wipes $500bn from value
- Date: 19-May-2021
- Source: The National
- Sector:Technology
- Country:Middle East
Bitcoin plunges 22% as sell-off wipes $500bn from value
The crypto bubble that inflated Bitcoin’s value past $1 trillion and added billions to nonsense digital tokens overnight is bursting.
Bitcoin plunged almost 22 per cent to $35,000, wiping out more than $500 billion in value from the coin’s peak market value. It has erased all the gains it clocked up following Tesla’s February 8 announcement that it would use corporate cash to buy the asset and accept it as a form of payment for its vehicles. Ethereum, the second-biggest coin, sank more than 40 per cent, while joke token Dogecoin lost 45 per cent.