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12 May 2022

Crypto Market Plunges, Marks Loss of over $200 Billion in a Single Day

The Index Today

The crypto market has lost more than $200 billion within just 24 hours after an enormous selloff in cryptocurrencies triggered the tremendous loss.

According to Bloomberg News, the nosedive, induced by the crash of the TerraUSD stablecoin, has dealt a severe blow to other prominent tokens. Bitcoin plummeted by 10%, hitting its lowest since December 2020, while Ethereum tumbled by up to 16%.

The current plunge is expected to last till Thursday given that crypto-related stocks in Asia have also suffered. Hong Kong’s BC Technology Group Ltd. and Monex Group Inc. in Japan ended the day at lows of 6.7% and 10% respectively.

Although the crypto sector is subject to wild swings at times, both Bitcoin and Ethereum quickly trimmed losses to 4.2% and 9% respectively, by 4:45pm Hong Kong time, reported Bloomberg News.

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