Bitcoin drops 8% as $126 billion is wiped off the cryptocurrency market

May 6, 2022

Bitcoin drops 8% as $126 billion is wiped off the cryptocurrency market

  • Bitcoin cratered on Thursday as a major stock sell-off in the U.S. spooked the cryptocurrency market.
  • Around $129 billion of value was wiped off the cryptocurrency market in a 24-hour period as of 4:03 a.m. ET, according to data from CoinMarketCap.
  • The selling of cryptocurrency was sparked by a painful day on Wall Street where the Dow Jones Industrial Average lost more than 1,000 points on Thursday, marking its worst single-day drop since 2020.

Bitcoin cratered on Thursday as a major stock sell-off in the U.S. spooked the cryptocurrency market.

Bitcoin was down more than 8% at $36,251.50 on Friday around 4:03 a.m. ET, according to CoinDesk data. On Thursday, bitcoin dipped below $36,000 before paring some of those losses.

Other cryptocurrencies including ether and XRP were also down sharply.

Read entire article here: https://www.cnbc.com/2022/05/06/bitcoin-btc-falls-sharply-as-126-billion-wiped-off-crypto-market.html

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